SmartTech Enterprises is considering two mutually exclusive projects. Each project requires an initial investment of $1,000,000. The projected cash inflows are as follows:

Year	Project A	Project B
0	-$1,000,000	-$1,000,000
1	$300,000	$250,000
2	$350,000	$300,000
3	$400,000	$350,000
4	$450,000	$400,000

a. Compute the payback period for both projects. b. Using a discount rate of 10%, calculate the NPV for both projects and indicate which project should be selected.