Analyze the following cash flows for Project C and Project D:

• Project C:

• 
  
  • Initial Investment: -$55,000
  • Year 1: $14,000
  • Year 2: $15,000
  • Year 3: $17,000
  • Year 4: $18,000
  • Year 5: $20,000

• Project D:

• 
  
  • Initial Investment: -$65,000
  • Year 1: $16,000
  • Year 2: $18,000
  • Year 3: $20,000
  • Year 4: $22,000
  • Year 5: $25,000

a. Calculate the NPV for each project with a discount rate of 9%. b. Determine the IRR for both projects. c. Find the traditional payback period for each project. d. Compute the profitability index for both projects. e. Recommend which project should be selected if only one can be chosen.