GHI Corporation is considering two projects, Project A1 and Project B1, each requiring an initial investment of $150,000. The expected cash inflows are:

Year	Project A1	Project B1
0	($150,000)	($150,000)
1	50,000	70,000
2	60,000	60,000
3	70,000	50,000
4	80,000	40,000
5	30,000	20,000

The discount rate is 11%.

Requirements:

1. Calculate the payback period for each project.
2. Compute the NPV for each project.
3. Calculate the IRR for each project.
4. Suggest which project should be chosen if they are independent.
5. Recommend which project should be chosen if they are mutually exclusive.