You have two projects, G and H, requiring an initial outlay of $40,000 each. The projected cash inflows are:

Project G:

• Year 1: $14,000
• Year 2: $13,000
• Year 3: $12,000
• Year 4: $11,000

Project H:

• Year 1: $15,000
• Year 2: $14,000
• Year 3: $10,000
• Year 4: $8,000

Requirements: a. Calculate the NPV for each project using a discount rate of 15%. b. Calculate the IRR for each project. c. Calculate the payback period for each project. d. Identify which project should be selected if the projects are independent.