Given the following data for Project X and Project Y:

Year	Cash Flows (X)	Cash Flows (Y)
0	-₹12,000	-₹8,000
1	₹4,000	₹2,000
2	₹4,000	₹3,000
3	₹5,000	₹4,000
4	₹7,000	₹5,000

Requirements:

1. Calculate the Payback Period for both projects.
2. Determine the Discounted Payback Period at a cost of capital of 12%.
3. Calculate the NPV for both projects at a discount rate of 12%.
4. If the standard payback period is 3 years, which project will you select?
5. Compare the profitability index of both projects.