Financial Projections (in $)

Year	Project S	Project T
0	-22,000	-26,000
1	4,000	5,000
2	6,000	7,000
3	8,000	9,000
4	10,000	11,000

Requirements:

1. Determine the payback period for each project.
2. Decide which project to select if the standard payback period is 3 years.
3. Calculate the discounted payback period at a 12% discount rate.
4. Compute the NPV for each project.
5. Recommend the project based on NPV.