Please show the full formula and work step by step (by hand not excel please)

You are evaluating a set of 4 independent projects, whose annual cash flows are summarized in the table below (all figures are in S). Assume that the annual discount rate is 15% for all projects, and that all cash flows occur at the end of the year. Please consider each question separately CFo CF CF project project project 4 -15,000 48,100 -45.200 t 2-40,000 17,000 20,000 22,000 t 3-40,000 12,000 140,000-115,000 a) Compute the regular payback period (in years and months) for project (1) and the discounted payback period (in years and months) for project (2). b) Suppose that you need to make an accept/reject decision for each independent project based solely on the IRR criterion and the discount rate. For each project, please show how you would reach your accept/reject decision based on the IRR criterion or explain why you would not be able to do so. c) Now suppose that you are limited to a maximum initial investment of $55,000. Which project or a combination of projects would you implement under this capital constraint to maximize the total value created for the firm? What will be the impact (in dollars) on firm value? You can invest in a particular project only once