Consider the following cash flows for three projects:

Year	Project M Cash Flow (₹)	Project N Cash Flow (₹)	Project O Cash Flow (₹)
0	-12,000	-15,000	-10,000
1	3,000	4,000	2,000
2	3,500	4,500	2,500
3	4,000	5,000	3,000
4	4,500	5,500	3,500

Requirements:

1. Calculate the payback period for each project.
2. Evaluate the projects using a standard payback period of 4 years.
3. Compute the discounted payback period at a cost of capital of 9%.
4. Calculate the NPV of each project at a discount rate of 9%.

Determine the IRR for each project.