Using a 4.5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below

Using a 4.5% discountrate, calculate the Net Present Value, Payback, Profitability Index, and IRRfor each of the investment projects below (note, the inflows are for eachyear). Based on your calculations rank the projects and support you answer.Project 1Initial Invest= $490,000, Cash inflows of $100,000 for years 1-5 and $50,000for years 6-10.Project 2Initial Invest= $970,000, Cash inflows of $400,000 for years 1-3, $0 for years4-7 and $250,000 for years 8-10.Project 3Initial Invest= $820,000, Cash inflows of $300,000 for years 1-5, $0 for years6-9 and $100,000 for year 10.(Part 2)Assuming a budget of $1,100,000 what are your recommendations for the threeprojects in the above problem. Explain.Assuming a budget of $2,200,000 what are your recommendations for the aboveproblem? Explain.