Evaluate the following projects based on the given cash flows:

Year	Project AG	Project AH	Project AI	Project AJ
0	-15,000	-20,000	-25,000	-30,000
1	5,000	6,000	7,000	8,000
2	6,000	7,000	8,000	9,000
3	7,000	8,000	9,000	10,000
4	8,000	9,000	10,000	11,000

Required:

1. Determine the payback period for each project.
2. If the acceptable payback period is 2 years, which project should be selected?
3. Compute the discounted payback period with a cost of capital of 12%.
4. Calculate the NPV for each project at a 12% discount rate. Which project has the highest NPV?
5. Which project should be chosen based on the NPV criterion?