Broadworld Manufacturing Company Ltd is considering investing in one of two projects- X or Y. The initial cost and net cash inflows from each project are shown below. The discount rate for both projects is 13% per cent Cash Flow Project X Project Y Initial Cost. 1,000,000. 1,000,000 Net Cash Inflows Year 1. 300,000. 3,000,000 Year 2. 150,000. 400,000 Year 3. 200,000. 500,000 Year 4. 250,000. 600,000 Year 5. 200,000. 700,000 Discount factors for the projects at 13% percent per annum are shown below. Year Factor 1. 0.8850 2. 0.7831 3. 0.6931 4. 0.6133 5. 0.5428 Required: (a) Calculate the payback period for each project and identify the project in which the company should invest. Give ONE (1) reason for your choice. (b) Calculate the Accounting Rate of Return on initial capital for each project. (c) Calculate the Accounting Rate of Return on average capital for each project (d) Calculate the net present value (NPV) for each project and identify the project in which the company should invest. Give ONE (1) reason for your choice.