A company has the alternative of investing in one of the two projects A or B. The capital cost of both project is 10 million. The predicted annual cash flows for both projects are shown in the below table. Capital is restricted and a choice is to be made on the basis of discounted cash flow rate of return, based on a five-year lifetime. Year 0 1 2 3 4 5 Project A -10 1.6 2.8 4 5.2 6.4 Project B -10 6.5 5.2 4 2.8 1.6 Total depreciable capital, excluding allocated power - $15 mil Allocated power utility =$3 mil Working Capital -S0.5 mil Annual Sales =$ 7 mil/year Annual cost of sales excluding depreciation =$1.2 mil/year Assume 9% of total depreciable capital cost and 5% allocated power utility cost for depreciation calculation. Calculate the following: i) Annual after-tax earnings (tax=37%) ii) ROI iii) Payback period of the project [10 Marks)