A company plans to invest in two projects. Project P requires an investment of $28,000 and will yield $9,000 annually for five years. Project Q needs $35,000 and provides $11,000 annually for five years. (a) Compute the payback period for both projects. (b) Calculate the NPV using a discount rate of 8%. (c) Determine the IRR for each project. (d) Decide which project to undertake if only one can be selected.