Calculate the NPVs for the following projects, using a WACC of 14%.

Cash Flow	Project Gamma	Project Delta
Year 0	-$30,000	-$75,000
Year 1	$15,000	$25,000
Year 2	$20,000	$30,000
Year 3	$15,000	$25,000
Year 4	$12,000	$20,000

Requirements:

1. Calculate the NPV for both projects.
2. Determine the IRR for both projects.
3. Evaluate the payback period for each project.
4. Choose the project based on the highest NPV and justify the decision.