Project $$DELTA$$ has a cost of $$14,000$ and is expected to produce benefits $($e$.$g$.,$ cash flows$)$ of $$3,900$ per year for five years. Project $$OMICRON$$ costs $$25,000$ and is expected to produce cash flows of $$7,800$ per year for five years.

a$.$ Calculate the two projects Net Present Values, Payback, Discounted Payback and Profitability Index ranking methods, assuming a discount rate of $10\%.$

b$.$ Which project would be selected, assuming that are Mutually Exclusive, using each ranking method?

c$.$ Discuss in detail the advantages$/$disadvantages associated with the Payback criterion.

d$.$ Which of all the above$-$mentioned criteria is the best one for the appropriate selection of Independent and Mutually Exclusive projects?