JKL Enterprises is analyzing two potential projects. The company’s cost of capital is 9% and tax rate is 27%. Other information related to both projects are as follows:

Particulars	Project M	Project N
Initial Investment	2,500,000	3,000,000
Expected life	4 years	4 years
Annual Income (before Tax & depreciation)	700,000	900,000

Depreciation is charged on a straight-line basis. You are required to calculate: a. Discounted payback b. NPV c. Profitability index