1. Net present value and internal rate of return method are widely used to evaluating projects, and some project managers also use the payback method. Define what is payback methods and how does it assist project managers make better decisions related to long term investments. 2. State two disadvantages of the payback method. 3. Based on the Table 1 below, what is the payback period for the proposed equipment? 4. Give an example where it is a huge mistake to only considered payback method in evaluating projects profit for long run. 5. Among these 2 projects, decide which one is more profitable for long run