• Project Alpha: Initial Investment: $20,000; Cash Inflows: Year 1: $6,000; Year 2: $7,000; Year 3: $8,000; Year 4: $7,000; Year 5: $6,000
• Project Beta: Initial Investment: $25,000; Cash Inflows: Year 1: $7,000; Year 2: $7,500; Year 3: $8,500; Year 4: $8,000; Year 5: $7,000
• Project Gamma: Initial Investment: $30,000; Cash Inflows: Year 1: $8,000; Year 2: $8,500; Year 3: $9,500; Year 4: $9,000; Year 5: $8,000

Requirements:

1. Compute the NPV for each project at a discount rate of 9%.
2. Calculate the IRR for each project.
3. Determine the Payback Period for each project.
4. Evaluate the projects using the PI method.
5. Recommend the best project based on the NPV and IRR analysis.