Investment I and Investment J have the following cash flows. Investment I requires an initial investment of $50,000, and Investment J requires $55,000.

Year	Investment I	Investment J
1	$12,000	$16,000
2	$14,000	$14,000
3	$18,000	$12,000
4	$20,000	$10,000

a) Calculate the NPV for each investment using a discount rate of 6%.
 b) Determine the IRR for each investment.
 c) State which investment should be selected if they are mutually exclusive.
 d) Determine the payback period for each investment.
 e) Evaluate the impact on NPV if the discount rate is increased to 8%.