MNO Enterprises is evaluating two projects, each requiring an initial investment of CAD 150,000. The expected cash inflows are:

Year	Cash Flow (Project X)	Cash Flow (Project Y)
1	30,000	40,000
2	35,000	35,000
3	40,000	30,000
4	45,000	20,000
5	50,000	10,000

Requirements:

1. Calculate the payback period for both projects.
2. Determine the NPV if the cost of capital is 15%.
3. Calculate the IRR for both projects.
4. Assess the ARR for each project.
5. Based on the above analyses, recommend which project to undertake.