$2\mathrm{.}1$ Investment appraisal is a way that a business will assess the attractiveness of possible

investments or projects based on the findings of several different capital budgeting techniques.

a$)$ Explain three $(03)$ capital budgeting techniques available for investment appraisal.

$(06$ Marks$)$

b$)$ Which technique is most preferred for investment appraisal? Justify your answer.