Evaluate the following cash flows for projects C and D, with a WACC of 10%.

Cash Flow	Project C	Project D
Year 0	-$45,000	-$80,000
Year 1	$20,000	$25,000
Year 2	$25,000	$30,000
Year 3	$20,000	$22,000
Year 4		$18,000
Year 5		$15,000

Requirements:

1. Calculate the NPV for both projects.
2. Determine the IRR for each project.
3. Evaluate the payback period for each project.
4. Recommend the better project based on NPV and IRR.