Darwin Sdn. Bhd. is considering two mutually exclusive projects. The free cash flows associated with those projects are as follows:

Initial outlay project X project Y

Outlay -RM 800,000 -RM 800,000

Inflow year 1 200,000 0

inflow year 2 200,000 0

Inflow year 3 200,000 0

inflow year 4 200,000 0

inflow year 5 200,000 1040,000

The required rate of return on these projects is 12 percent.

1. Calculate each project payback period.
2. Calculate each project's NPV.
3. Calculate each project's IRR.
4. Calculate the profitability index.
5. Recommend the appropriate project to be accepted.