Consider the following projects with their respective cash flows:

Year	Project I	Project J	Project K
Initial Outlay	-$15,000	-$10,000	-$20,000
Year 1	$3,000	$4,000	$5,000
Year 2	$4,000	$4,000	$6,000
Year 3	$5,000	$4,000	$7,000
Year 4	$6,000	$4,000	$8,000

Required:

1. Compute the payback period for each project.
2. Determine the discounted payback period at a discount rate of 10%.
3. Calculate the NPV for each project at a discount rate of 10%.
4. Find the IRR for each project.

Evaluate the profitability index for each project.