Consider the following projects with the given cash flows:

Year	Project E	Project F	Project G	Project H
0	-8,000	-10,000	-12,000	-15,000
1	2,000	3,000	4,000	5,000
2	2,500	3,500	5,000	6,000
3	3,000	4,000	5,500	7,000
4	5,000	6,000	7,000	9,000

Required:

1. Calculate the payback period for each project.
2. If the standard payback period is 3 years, which project will you select? Will your answer differ if the standard payback period is 4 years?
3. Compute the discounted payback period for each project using a discount rate of 12%.
4. Determine the NPV of each project using a discount rate of 12%. Which project has the highest NPV?
5. Based on the NPV criterion, which project should be recommended?