Project A requires an initial investment of $15,000 at time '0'. Project B requires an initial investment of $10,000 at time '0'. The following cash flows are expected:

Year	Project A	Project B
1	$5,000	$8,000
2	$6,000	$6,000
3	$7,000	$4,000
4	$8,000	$3,000
5	$4,000	$2,000

a) Calculate the NPV for each project using a discount rate of 10%.
 b) Determine the IRR for each project.
 c) State your accept/reject decision for each project if they are mutually exclusive.
 d) If the projects were independent, would your decision change?
 e) Determine the payback period for each project.