3. Makeup Ltd manufactures make-up kits. The directors are looking to expand its operations by investing in a new head office and new machinery at the factory. At present, Makeup Ltd makes all of its capital investment decisions using the payback method. The Board of Directors have gathered the relevant data and is now in a position to evaluate the proposal. Describe to the directors two methods of capital investment appraisal using discounted cash flow, compare Net present value with the payback method and explain the advantages of using discounted cash ow methods. (15 marks)