• Project Alpha: Initial cost ₹10,000, yearly returns ₹2,000, ₹3,000, ₹4,000, ₹6,000.
• Project Beta: Initial cost ₹12,000, yearly returns ₹3,000, ₹3,000, ₹5,000, ₹5,000.
• Project Gamma: Initial cost ₹8,000, yearly returns ₹2,000, ₹2,500, ₹3,000, ₹4,000.
• Project Delta: Initial cost ₹6,000, yearly returns ₹1,500, ₹2,000, ₹3,500, ₹4,500.

Required:

1. Calculate the payback period for each project.
2. Select the project if the standard payback period is 3 years.
3. Compute the NPV for each project using a 9% discount rate.
4. Determine the IRR for each project.
5. Provide a recommendation based on NPV and IRR.