IT Services Ltd is analyzing two projects, Project X and Project Y, with the following cash flow projections:

Year	Project X	Project Y
0	$(180)	$(170)
1	60	50
2	70	60
3	80	70
4	90	80

The company's discount rate is 7%. You need to evaluate:

a. The traditional payback period for each project. b. The NPV for both projects. c. The IRR for each project. d. Compare the risk levels of Project X and Project Y. e. Provide a recommendation on which project to choose and explain why.