A company is evaluating the following independent projects. The cash flows are as follows:

Year	Project X	Project Y	Project Z
Initial Outlay	-$10,000	-$12,000	-$8,000
Year 1	$2,000	$4,000	$3,000
Year 2	$4,000	$4,000	$3,000
Year 3	$6,000	$4,000	$3,000

Required:

1. Calculate the payback period for each project.
2. Determine the accounting rate of return for each project.
3. If the company’s cost of capital is 10%, compute the NPV for each project.
4. Find the profitability index for each project.

Calculate the IRR for each project and decide which project is most viable.