A company is evaluating two projects:

Project E

• Initial Investment: $1,200,000
• Year 1: $300,000
• Year 2: $400,000
• Year 3: $500,000
• Year 4: $600,000

Project F

• Initial Investment: $1,500,000
• Year 1: $350,000
• Year 2: $450,000
• Year 3: $550,000
• Year 4: $650,000

a. Calculate the payback period for each project. b. Determine the NPV at a 6% discount rate. c. Compute the IRR for both projects. d. Based on these calculations, which project should the company invest in? Provide your reasoning.