Epsilon Enterprises is considering two investment options. Project E requires an initial expenditure of $20,000 and has the following expected cash flows:

• Year 1: $6,000
• Year 2: $8,000
• Year 3: $10,000

Project F needs an initial investment of $25,000 with the following cash flows:

• Year 1: $7,000
• Year 2: $10,000
• Year 3: $12,000

Requirements:

1. Calculate the NPV for each project at a discount rate of 9%.
2. Determine the IRR for each project.
3. Compute the Payback Period for each project.
4. Recommend which project should be chosen based on financial analysis.