Investment Alternatives (in $)

Year	Project Q	Project R
0	-8,000	-9,000
1	1,500	2,000
2	3,000	4,000
3	4,000	5,000
4	5,000	6,000

Requirements:

1. Calculate the payback period for each project.
2. Select the project if the standard payback period is 3 years.
3. Compute the discounted payback period at a 10% discount rate.
4. Compute the IRR for each project.
5. Recommend the project based on IRR.