Evaluate the following investment opportunities:

Year	Project R Cash Flow (₹)	Project S Cash Flow (₹)	Project T Cash Flow (₹)
0	-8,000	-7,500	-6,500
1	2,000	1,800	1,500
2	2,500	2,300	2,000
3	3,000	2,800	2,500
4	3,500	3,300	3,000

Requirements:

1. Calculate the payback period for each project.
2. Select the project based on a standard payback period of 3 years.
3. Compute the discounted payback period at a cost of capital of 11%.
4. Calculate the NPV at a discount rate of 11%.

Determine the IRR for each project.