Blue Arrow Ltd. is considering two potential asset investments, Asset L and Asset M. Each asset has an initial purchase cost of $9,500 and a useful life of four years. Blue Arrow Ltd has a minimum required rate of retum of 8% for all asset investments. The projected annual net cash inflows from each investment is as follows: Required: 1.) Calculate the Parback Period (PBP) for each of: (a) Asset L (b) Asset M ** Marks are awarded for calculating your answers efficiently, where applicable. (Round your answers to 2 decimal placess) (5 marks) 2.) Calculate the Net Present Value (NPV) for each of: (a) Asset L (b) Asset M ** Marks are awvarded for calculating your answers efficientlv, where applicable. (Round all dollar amounts to the nearest dollar) (7 marks) 3.) Based on your answers in requirement 2 , if only one asset is to be purchased, which asset should be purchased? (1 mark)