There are two projects. One has an outflow of cash of $40,000 in years 0 and 1, followed by an inflow of $55,000 in each of the years 2 and 3. The other has a cash outflow of $80,000 in year 0, followed by an inflow of $34,000 in years 1, 2, and 3.

1. If the profitability index decision rule applies and the required return is 8%, which project should be selected?
2. If the NPV decision rule applies then which project should be selected?

Please help with this question don't use excel. Please make sure all the steps are clear and easy to read. Thank you I will be happy to give a thumbs up.