Analyze the following projects:

Year	Project M	Project N	Project O
0	-₹5,000	-₹6,000	-₹7,000
1	₹1,000	₹2,000	₹2,500
2	₹2,000	₹2,500	₹3,000
3	₹3,000	₹3,000	₹4,000
4	₹4,000	₹4,500	₹5,000

Requirements:

1. Calculate the Payback Period for each project.
2. Find the Discounted Payback Period at 11% cost of capital.
3. Compute the NPV for each project at 11%.
4. Identify the IRR for each project.
5. Which project would you recommend if the firm’s required payback period is 3 years?