4 a. Briefly explain two major limitations of the payback period in the context of capital budgeting and how they affect its usefulness. (2) b. In capital budgeting, how the cost of capital is used in project evaluation? Briefly explain your answer. c. Neil Ltd. has two projects under consideration. The cash flows for each of them are shown in the following table. Project C Project B Cost of capital 6% Initial investment (in BDT) 400,000 400,000 Year Cash inflows (in BDT) 1 70,000 190,000 2 100,000 150,000 3 130,000 130,000 4 160,000 60,000 5 290,000 40,000 i. Calculate each project's discounted payback period. Which project is preferred according to this method if the management sets the cut-off payback