Two projects with the following cash flows are available:

Year	Project R (₹)	Project S (₹)
0	-25,000	-22,000
1	6,000	5,000
2	8,000	7,000
3	9,000	6,000
4	15,000	10,000

Requirements:

1. Determine the payback period for both projects.
2. Choose the project if the cutoff period for payback is 2 years.
3. Compute the discounted payback period using an 8% discount rate.
4. Identify which project meets a 3-year discounted payback criterion.

Calculate the NPVs and recommend the best project based on NPV.