Analyze the following projects based on the cash flow diagrams provided:

Project K

• Year 0: -$3,000,000
• Year 1: $900,000
• Year 2: $1,100,000
• Year 3: $1,200,000
• Year 4: $1,500,000

Project L

• Year 0: -$3,200,000
• Year 1: $1,000,000
• Year 2: $1,200,000
• Year 3: $1,300,000
• Year 4: $1,600,000

a. Calculate the NPV at a 10% discount rate. b. Determine the IRR. c. Find the payback period. d. Recommend which project should be selected based on your analysis.

These questions provide a variety of formats and complexities suitable for graduate-level finance or accounting students.