Alejandra Limited is considering investing in a new project called Seville to manufacture a new durable recycle bag. The initial capital outlay is $900,000 and is expected to generate cash flows over 5 years, which is detailed as follows: Year $ 1 210,000 2 260,000 3 300,000 4 320,000 5 390,000 Assuming the required rate of return is 8 % and management requires a payback period of 4 years for all projects. Required: (i) Calculate the payback period. Year, Cash Flow, Cumulative Cash Flow Note: Copy the above table and complete the calculations in the answer file. (ii) Calculate the net present value. Year ,Cash Flow, Discount Factor at ____ (to fill the discount factor) ,Present Value Note: Copy the above table and complete the calculations in the answer file. (iii) Advise the management as to whether they should proceed to procure the new equipment.