STU Ltd. is evaluating two projects, Project Q and Project R. Both require an initial outlay of $400,000. The company's discount rate is 13%. The estimated net cash flows are:

Estimated Net Cash Flows (in $):

Year	Project Q	Project R
0	(400,000)	(400,000)
1	120,000	110,000
2	130,000	120,000
3	140,000	130,000
4	150,000	140,000
5	160,000	150,000

Requirements:

1. Calculate the payback period for each project.
2. Determine the NPV for both projects.
3. Compute the IRR for each project.
4. Analyze the discounted payback period for each project.

Make a recommendation on which project to accept.