Two investment opportunities are being considered by GHI Ltd. The cost of capital is 12%, and the tax rate is 25%. The projects are described as follows:

	Project M	Project N
Initial Investment	$10,000,000	$12,000,000
Expected Life	8 years	7 years
Annual Cash Flow	$2,000,000	$2,500,000
Depreciation	Straight-line	Straight-line

Requirements:

1. Calculate the NPV.
2. Determine the IRR.
3. Compute the Payback Period.
4. Calculate the Discounted Payback Period.