Your company needs to decide between two capital projects, Project Alpha and Project Beta. The projects have the following cash flows:

Year	Project Alpha	Project Beta
0	-$2,500,000	-$3,000,000
1	$800,000	$1,000,000
2	$1,000,000	$1,200,000
3	$1,200,000	$1,500,000
4	$1,500,000	$1,800,000

Requirements:

1. Calculate the NPV of each project assuming a discount rate of 7%.
2. Determine the IRR for each project.
3. Evaluate the payback period for each project.
4. Compare the profitability index (PI) for each project.
5. Recommend which project should be undertaken and justify your decision.