Evaluate the following projects based on their cash flows:

Year	Project P	Project Q	Project R
Initial Outlay	-$40,000	-$35,000	-$45,000
Year 1	$12,000	$10,000	$14,000
Year 2	$12,000	$10,000	$14,000
Year 3	$12,000	$10,000	$14,000
Year 4	$12,000	$10,000	$14,000

Required:

1. Compute the payback period for each project.
2. Determine the NPV for each project at a discount rate of 9%.
3. Calculate the profitability index for each project.
4. Find the IRR for each project.
5. Recommend which project(s) should be accepted based on the NPV and IRR criteria.