Bumi Hijau Properties is in the process of deciding to develop an apartment project in Shah Alam. The initial outlay for both projects is RM480,000. The cost of capital is 12%. Below are the expected cash flows from the two projects.

Year	Suria Apartment Project (RM)	Puncak Apartment Project (RM)
1	180,000	165,000
2	210,000	190,000
3	180,000	260,000
4	310,000	345,000
5	278,000	310,000

Required:

1. Based on the above information, you are required to calculate:
   1. Payback period for both projects
   2. Net present value (NPV) for both projects.
   3. Profitability index for both projects
2. Which project should be accepted and why? Please state your reason.