The following projects have the respective cash flows:

Year	Project Alpha	Project Beta	Project Gamma
Initial Outlay	-$8,000	-$9,000	-$10,000
Year 1	$2,000	$3,000	$4,000
Year 2	$3,000	$4,000	$5,000
Year 3	$4,000	$5,000	$6,000

Required:

1. Determine the payback period for each project.
2. Calculate the NPV at a discount rate of 10% for each project.
3. Compute the profitability index for each project.
4. Find the IRR for each project.
5. If the firm’s required rate of return is 12%, which project should be chosen?