PLEASE WHEN SOLVING THIS PROBLEM SHOW EACH STEP. I WANT TO BE ABLE TO UNDERSTAND THIS PROBLEM AND NOT JUST HAVE AN ANSWER WITHOUT STEPS, SO PLEASE INCLUDE STEPS SO I CAN FOLLOW AND UNDERSTAND. THANKS

Assume you are the chief financial officer at Lehman Memorial Hospital. The CEO has asked you to analyze two proposed capital investment Project X and project Y each project requires a net investment outlay of $12,000 and the opportunity cost of capital for each project is 14% the project's expected net cash flows are as following

Year	Project x	Project Y
0	(12,000)	(12,000)
1	6,600	3,500
2	3,500	3,500
3	3,500	3,500
4	3,500	3,500

1. Calculate each projects payback, NPV and IRR.

2. Which project is financially acceptable? Explain