Projects with the following cash flows are presented:

Year	Project P Cash Flow (₹)	Project Q Cash Flow (₹)
0	-5,000	-6,000
1	1,500	2,000
2	2,000	2,500
3	2,500	3,000
4	3,000	3,500

Requirements:

1. Calculate the payback period for each project.
2. If the payback period is 2 years, which project will you choose?
3. Compute the discounted payback period at a discount rate of 8%.
4. Determine the NPV at a discount rate of 8%.
5. Calculate the profitability index for each project.