You are evaluating two projects with the following cash flows:

Year	Project M	Project N
0	-$1,000,000	-$1,500,000
1	$300,000	$400,000
2	$400,000	$500,000
3	$500,000	$600,000
4	$600,000	$700,000

Requirements:

1. Calculate the NPV for each project at a discount rate of 11%.
2. Determine the payback period for each project.
3. Identify the IRR for each project.
4. Which project should be selected based on NPV?