Analyze the following investment projects:

Year	Project K Cash Flow (₹)	Project L Cash Flow (₹)
0	-10,000	-9,000
1	3,000	2,500
2	3,500	3,000
3	4,000	3,500
4	4,500	4,000

Requirements:

1. Calculate the payback period for each project.
2. If the standard payback period is 3 years, which project will you select?
3. Compute the discounted payback period at a cost of capital of 10%.
4. Determine the NPV of each project at a discount rate of 10%.
5. Calculate the IRR for each project and suggest the best investment.