Given the cash flows for the two projects below, compute the NPV and identify the more viable project assuming a WACC of 9%.

Cash Flow	Project 1	Project 2
Year 0	-$20,000	-$55,000
Year 1	$10,000	$15,000
Year 2	$18,000	$25,000
Year 3	$12,000	$20,000
Year 4		$18,000

Requirements:

1. Compute the NPV for each project.
2. Determine the IRR for each project.
3. Evaluate the payback period for both projects.
4. Choose the project with a higher NPV and justify the choice.