Evaluate the following mutually exclusive projects:

Year	Project X (₹)	Project Y (₹)
0	-19,000	-17,000
1	4,000	4,000
2	6,000	6,000
3	7,000	7,000
4	10,000	9,000

Requirements:

1. Calculate the payback period for both projects.
2. Determine which project is acceptable if the standard payback period is 2.5 years.
3. Compute the discounted payback period at a discount rate of 7%.
4. Identify which project meets a 3-year discounted payback requirement.

Calculate the NPVs and recommend the better project.