OPQ Ltd. is evaluating two projects, P and Q, with the following cash flows:

Year	Project P Cash Flow ($)	Project Q Cash Flow ($)
0	-120,000	-100,000
1	40,000	35,000
2	50,000	45,000
3	60,000	55,000
4	70,000	65,000
IRR	14%	16%

Cost of capital is 9%.

a) Compute the NPV for each project. b) Assess which project is more financially viable. c) Explain the role of cash flow timing in NPV calculations. d) Determine the impact of a higher cost of capital on the project selection.