3. Finally, your client is investigating electric vehicle charging projects in Melbourne. Your client has access to reliable information regarding the cost for building the project and the annual cash flows. Additionally, the two projects have finite lives and will be demolished / decommissioned at the end of their lives. Your client has provided the following information on the two projects (below) and informs you that only one project can be invested. Project 1 $1,000,000 $1,500,000 12 years Project 2 $2,200,000 $1,800,000 Initial Outlay (IO) Annual Cash Flows (CF) Life of housing project 10 years Notes: 1) All annual cash flows are after tax and depreciation. 2) A flat rate of 15% is estimated as the risk in both projects. Your client requires you to indicate, again with complete workings, which project is most beneficial from a valuation perspective. (10 marks)