Two projects, E and F, are under consideration. Project E requires an initial investment of $30,000, and Project F requires $35,000. Expected cash flows are as follows:

Year	Project E	Project F
1	$10,000	$12,000
2	$12,000	$14,000
3	$14,000	$10,000
4	$16,000	$8,000

a) Calculate the NPV for each project using a discount rate of 9%.
 b) Determine the IRR for each project.
 c) State which project should be selected if they are mutually exclusive.
 d) Determine the payback period for each project.
 e) Evaluate the projects if the discount rate changes to 11%.