Forming India Incorporation uses discounted payback period for small machineries under Benchmark of Rs. 25,000 and has a (cut off period of 4 years) for these small value projects. Two Machineries R and S are under consideration. The anticipated cash flows for these two projects are listed below. If Forming Incorporation uses an 8% discount rate on these projects are they accepted or rejected? Which Machine is looked as Best in the first Four years of the projected Cash Flows & NPV?

Cash Flows	Project R	Project S
Initial Cost	24,000	18,000
Cash flow year I	6,000	9,000
Cash flow year II	8,000	6,000
Cash flow year III	10,000	6,000
Cash flow year IV	12,000	3,000