OPQ Inc. is considering investing in two projects, Project E and Project F. The company's cost of capital is 9%, and the tax rate is 29%. The projects have the following details:

	Project E	Project F
Initial Cost	$1,200,000	$1,800,000
Expected Life	5 years	6 years
Annual Income before Depreciation & Tax	$300,000	$400,000
Depreciation	Straight-line	Straight-line

Requirements:

1. Calculate the payback period.
2. Calculate the NPV for both projects.
3. Calculate the IRR for both projects.

Provide a recommendation based on the results.