Beta Corporation is assessing two projects, Z1 and Z2, both requiring an initial investment of $100,000 and having a life of 5 years. The required rate of return is 9%. The net cash flows before tax are:

Year	Project Z1	Project Z2
1	$30,000	$35,000
2	$28,000	$32,000
3	$26,000	$29,000
4	$24,000	$26,000
5	$22,000	$23,000

Requirements:

1. Calculate the NPV for each project.
2. Determine the IRR for each project.
3. Compute the Payback Period for each project.
4. Calculate the ARR for each project.
5. Make a decision on which project to invest in.