A firm is considering the two mutually exclusive investments projects. Project Alpha requires an initial outlay of $600 and will return $160 per year for the next seven years; Project Beta requires an initial outlay of $1,100 and will return $350 per year for the next five years. Assuming a 11% required return, calculate the NPV, IRR, Payback Period, PI, and MIRR of each project. Which project is preferable and why?