You have the following cash flows for two projects:

Project Gamma:

• Initial Investment: $80,000
• Year 1: $25,000
• Year 2: $30,000
• Year 3: $35,000
• Year 4: $40,000
• Year 5: $45,000

Project Delta:

• Initial Investment: $90,000
• Year 1: $20,000
• Year 2: $25,000
• Year 3: $30,000
• Year 4: $35,000
• Year 5: $50,000

Requirements:

1. Calculate the NPV for both projects using a discount rate of 8%.
2. Compute the IRR for both projects.
3. Calculate the Discounted Payback Period for both projects.
4. Evaluate the Modified Internal Rate of Return (MIRR) for both projects.
5. Decide which project to invest in based on the calculated metrics.