Evaluate the following projects with their respective cash flows:

Year	Project AC Cash Flow (₹)	Project AD Cash Flow (₹)
0	-10,000	-9,500
1	3,000	2,800
2	3,500	3,200
3	4,000	3,600
4	4,500	4,000

Requirements:

1. Calculate the payback period for each project.
2. Determine which project to select based on a standard payback period of 3 years.
3. Compute the discounted payback period at a cost of capital of 7%.
4. Calculate the NPV of each project at a discount rate of 7%.
5. Determine the IRR for each project and suggest the best investment.