VWX Limited is evaluating two investment options, Project Alpha1 and Project Beta1.

Project Alpha1:

Year	Cash Flow ($)
Year 0	-100,000
Year 1	30,000
Year 2	35,000
Year 3	40,000
Year 4	45,000

Project Beta1:

Year	Cash Flow ($)
Year 0	-120,000
Year 1	40,000
Year 2	45,000
Year 3	50,000
Year 4	55,000

The discount rate for Project Alpha1 is 8%, and for Project Beta1 is 10%.

Requirements: a) Calculate the payback period for each project. b) Determine which project should be selected if the company requires a payback period of 3 years. c) Calculate the IRR for each project. d) Decide which project should be accepted based on the IRR rule. e) Calculate the NPV for each project and recommend which project should be accepted based on NPV.