Two potential projects, Project C and Project D, have the following cash flows. Your company's required rate of return is 14%.

Project C:

• Year 0: $(220)
• Year 1: $60
• Year 2: $80
• Year 3: $100
• Year 4: $120

Project D:

• Year 0: $(200)
• Year 1: $50
• Year 2: $70
• Year 3: $90
• Year 4: $110

a. Define the payback period and calculate it for both projects. b. What is the discounted payback period and how does it differ from the traditional payback period? c. Calculate the discounted payback period for both projects. d. Calculate NPV and IRR for both projects. e. Which project should be chosen based on NPV and IRR?