Consider the following investment projects with a required return of 15%:

	Project Cash Flows
n	A	B
0	-$1,800	-$5,200
1	-500	2,500
2	900	-4,000
3	1300	5,000
4	2,200	6,000
5	-700	3,000

1. Calculate the payback period for each project.
2. Calculate the discounted payback period for each project.
3. Based on part a and b, which project should you choose?
4. What are the net present values of each project? Which project should you choose?
5. How many IRRs could each project have?