ABC Technologies is considering two projects, Project P and Project Q. Each requires an initial investment of USD 200,000. The following are the cash flows:

Year	Cash Flow (Project P)	Cash Flow (Project Q)
1	50,000	80,000
2	60,000	60,000
3	70,000	50,000
4	90,000	40,000

Requirements:

1. Calculate the payback period for both projects.
2. Determine the NPV of each project if the cost of capital is 10%.
3. Calculate the internal rate of return (IRR) for both projects.
4. Advise which project should be accepted based on:
   • i) Payback period
   • ii) NPV
   • iii) IRR