A company is considering the following two mutually exclusive projects. The cash flows of the projects follow: Annual cash flows: Project I Project II Year 0 $(500,000) $(500,000) Year 1 $46,000 $225,000 Year 2 $138,200 $220,000 Year 3 $470,000 $115,000 Year 4 $58,000 $105,000 Required return 13% (a) Compute the payback period of each project and determine which project the company should accept. (5 marks) (b) Compute the discounted payback period of each project and determine which project the company should accept. Is the conclusion same as (a)? Explain if it is not the same. (7 marks) (c) Compute the NPV of each project and determine which project the company should accept. (6 marks) (d) Based on the above analysis, which project should the company accept? (2 marks)