Using a 4.5% discount rate calculate the Net Present Value Payback Profitability Index and IRR for each of the investment projects below (note the inflows are for each year). Based on your calculations rank the projects and support you answer.Project 1Initial Invest= $490000 Cash inflows of $100000 for years 1-5 and $50000 for years 6-10.Project 2Initial Invest= $970000 Cash inflows of $400000 for years 1-3 $0 for years 4-7 and $250000 for years 8-10.Project 3Initial Invest= $820000 Cash inflows of $300000 for years 1-5 $0 for years 6-9 and $100000 for year 10.(Part 2)Assuming a budget of $1100000 what are your recommendations for the three projects in the above problem. Explain.Assuming a budget of $2200000 what are your recommendations for the above problem? Explain.