JKL Inc. is deciding between two investment opportunities, both requiring an initial outlay of $200,000. Their projected after-tax cash flows are:

Year	Project Alpha	Project Beta
1	$50,000	$70,000
2	$60,000	$60,000
3	$70,000	$50,000
4	$80,000	$40,000

Requirements:

1. Calculate the NPV using a discount rate of 14%.
2. Determine the IRR for each project.
3. Compute the profitability index.
4. Assess the payback period and discounted payback period.
5. Decide which project JKL Inc. should accept and why.