The following are the cash flows of four investment projects:

Year	Project I	Project J	Project K	Project L
0	-5,000	-6,000	-7,000	-8,000
1	1,500	1,800	2,000	2,200
2	2,000	2,400	2,800	3,200
3	2,500	2,800	3,200	3,600
4	3,000	3,400	4,000	4,800

Required:

1. Determine the payback period for each project.
2. If the standard payback period is 2 years, which project should be chosen?
3. Compute the discounted payback period using a discount rate of 15%.
4. Calculate the NPV for each project with a discount rate of 15%. Which project has the highest NPV?
5. Based on the NPV criterion, which project should be selected?