5. Greenfield Enterprises is analyzing two projects with the following net cash flows. The required rate of return is 9%. PV of $1 (4%), PVA of $1 (4%), PV of $1 (9%), and PVA of $1 (9%).

Year	Project C	Project D
0	$(350,000)	$(280,000)
1	$90,000	$70,000
2	$100,000	$80,000
3	$120,000	$90,000
4	$140,000	$100,000

a. Calculate the payback period for each project. Which project has the shorter payback period? b. Calculate the net present value for each project. Which project has the higher NPV?