Compute the (a) net present value (NPV), (b) internal rate of return (IRR), and (c) discounted paycheck period (DPB) for each of the following projects. The firms required rate of return is 14 percent. Which project(s) should be purchased if they are independent? Which project(s) should be purchased if they are mutually exclusive?

Year Project Alpha Project Beta 0 $(270,000) $(300,000) 1 $20,000 0 2 $20,000 (80,000) 3 $20,000 555,000