Company Z has two potential projects, Project Z1 and Project Z2, with the following cash flows:

Year	Project Z1	Project Z2
0	-$70,000	-$80,000
1	$18,000	$20,000
2	$22,000	$25,000
3	$26,000	$30,000
4	$30,000	$35,000
5	$34,000	$40,000

a. Compute the NPV for each project using a discount rate of 9%. b. Determine the IRR for each project. c. Calculate the payback period for each project. d. Evaluate the profitability index for both projects. e. Recommend whether the projects should be accepted if they are independent or mutually exclusive.