Annex is considering four projects for investment, only one of which it can invest in. The cash flows from the projects are as follows:

Year	Project A	Project B	Project C	Project D
0	-1,800,000	-2,200,000	-900,000	-1,600,000
1	700,000	800,000	370,000	600,000
2	800,000	800,000	300,000	500,000
3	600,000	600,000	250,000	500,000
4	200,000	400,000	150,000	300,000
5	200,000	300,000	100,000	200,000

The discount rate is 14%.

Use the Discounted Cash flow, NPV and PI methods to determine which project is best for Annex to invest in. (14 marks)

Also, explain the differences and similarities among the evaluation methods used.

(6 marks)