a) Briefly discuss the concept of the corporate cost of raising capital as it is embraced under the capital budgeting process. (4 marks) b) Discuss the concept of the Modified Internal Rate of Return (MIRR) as a measure of investment appraisal. (8 marks) c) What types of investment appraisal techniques do sophisticated managers use and why? Are there any factors that need to be taken into account from a strategic perspective? (4 marks) d) Why do some projects experience multiple Internal Rates of Return (IRR)? How can one find out the number of IRR a project has by simply looking at its cash flows? (4 marks)