I was given the task to assess two investements projects based on their Net present value, profability index, payback period and internal rate of return. I have deemed both projects acceptable like asked but I still need to choose a project that should be pursued and explain why. I provided the number found for each project $($project $1=$ P$1,$ project $2=$ P$2).$ Please help me decide which one I should choose and explain why.

P$1$: NPV$=$$$107,826$ Profability index$=1\mathrm{.}0159$ Payback period$=3\mathrm{.}3061$ Internal rate of return$=9\mathrm{.}43\%$

P$2$: NPV$=$$$115,757$ Profability index$=1\mathrm{.}0131$ Payback period$=3\mathrm{.}0990$ Internal rate of return$=9\mathrm{.}36\%$