Consider the following projects with their respective cash flows:

Year	Project X	Project Y	Project Z
Initial Outlay	-$50,000	-$45,000	-$55,000
Year 1	$15,000	$12,000	$18,000
Year 2	$15,000	$12,000	$18,000
Year 3	$15,000	$12,000	$18,000
Year 4	$15,000	$12,000	$18,000

Required:

1. Calculate the payback period for each project.
2. Compute the discounted payback period at a discount rate of 8%.
3. Determine the NPV for each project.
4. Find the IRR for each project.
5. Rank the projects based on their profitability index and recommend the best project.