The management of DEF Corporation has two projects under consideration. The cost of capital is 14%, and the tax rate is 33%.

Project A:

• Initial Investment: $2,200,000
• Life: 7 years
• Annual Pre-tax Income: $500,000
• Depreciation: Straight-line

Project B:

• Initial Investment: $3,800,000
• Life: 5 years
• Annual Pre-tax Income: $800,000
• Depreciation: Straight-line

Calculate:

1. Payback period.
2. Net Present Value (NPV).
3. Internal Rate of Return (IRR).
4. Discounted Payback Period.