Consider two mutually exclusive projects, Project V and Project W. Both require an initial investment of $24,000.

Year	Project V	Project W
1	$10,000	$9,000
2	$8,000	$7,000
3	$6,000	$5,000

Requirements:

• Calculate the NPV for each project using a discount rate of 15%.
• Determine the payback period for each project.
• Calculate the IRR for each project.
• Which project should be accepted based on NPV?