I recently posted this question. Excel spreadsheet is not accepted. Can you please do it manually.

Whole Foods is evaluating two mutually exclusive investment projects as shown below:

Time Project Cooper Project Delta

0 -$20,000 -$20,000

1 5,000 16,500

2 8,000 10,000

3 10,250 5,000

4 20,000 5,000

1a. If the cost of capital is 15%, which project would you prefer based only on NPV? Why? (20 points)

1b. If you are evaluating the project based on profitability index, which project would you prefer? Assume the cost of capital is 15%. (10 points)

1c. Compute the payback (non discounted) period for both projects. (10 points)

Note: You have to show all your work, including the formula, to get full credit. A simple answer will not get any credit at all.