Analyze the following projects:

Year	Project AC	Project AD	Project AE	Project AF
0	-8,000	-10,000	-12,000	-14,000
1	2,000	2,500	3,000	3,500
2	2,500	3,000	3,500	4,000
3	3,000	3,500	4,000	4,500
4	3,500	4,000	4,500	5,000

Required:

1. Calculate the payback period for each project.
2. If the standard payback period is 2 years, which project would you choose?
3. Compute the discounted payback period with a discount rate of 10%.
4. Determine the NPV for each project using a 10% discount rate. Which project has the highest NPV?
5. Based on the NPV criterion, which project should be recommended?