Project C requires an initial investment of $20,000. Project D requires an initial investment of $25,000. The following cash flows are expected:

Year	Project C	Project D
1	$4,000	$7,000
2	$6,000	$5,000
3	$8,000	$6,000
4	$9,000	$4,000
5	$5,000	$3,000

a) Calculate the NPV for each project using a discount rate of 8%.
 b) Determine the profitability index for each project.
 c) State your accept/reject decision for each project if they are mutually exclusive.
 d) Calculate the IRR for each project.
 e) Determine the discounted payback period for each project.