Given the following cash flows for Project K and Project L:

Year	Project K	Project L
0	-$85,000	-$95,000
1	$20,000	$25,000
2	$25,000	$30,000
3	$30,000	$35,000
4	$35,000	$40,000
5	$40,000	$45,000

a. Calculate the NPV for each project with a required rate of return of 10%. b. Determine the IRR for each project. c. Compute the traditional payback period for each project. d. Assess the profitability index for both projects. e. Recommend which project to choose if they are mutually exclusive and provide justification.