Evaluate the following cash flows for projects O and P:

Project O:

Year	Cash Flow
0	-$85,000
1	$25,000
2	$30,000
3	$35,000
4	$40,000

Project P:

Year	Cash Flow
0	-$95,000
1	$26,000
2	$32,000
3	$36,000
4	$42,000

a. Compute the NPV, IRR, and payback period for both projects, with a discount rate of 10 percent.

b. Decide which project(s) should be chosen if they are independent and which should be chosen if they are mutually exclusive.