Compute the (a) net present value, (b) internal rate of return (IRR), and (c) discounted payback period for each of the following projects. The firm's required rate of return is 14 percent.

Year Project Alpha Project Beta

0 $270,000 $ 300,000

1 $ 120,000 0

2 $ 120,000 $80,000

3 $ 120,000 $555,000

Which project should be purchased if they are independent? Which project should if they are mutually exclusive?