Theta Corporation is evaluating two investment opportunities. Project K needs an initial investment of $33,000 with the following cash flows:

• Year 1: $9,000
• Year 2: $11,000
• Year 3: $13,000

Project L requires an initial outlay of $53,000 with the following cash flows:

• Year 1: $15,000
• Year 2: $18,000
• Year 3: $20,000

Requirements:

1. Compute the NPV for each project at a discount rate of 13%.
2. Calculate the IRR for each project.
3. Determine the Profitability Index (PI) for each project.
4. Analyze which project should be selected based on the calculated financial metrics.