Bumi Hijze Properties is in the process of deciding to develop an apartment project in Shah Alaro. 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. Yer 2 3 4 5 Saria Apartment Project (RM) 180,000 210,000 180,000 310,000 278,000 Puncak Apartment Project (RM) 165,000 190,000 260,000 345,000 310,000 Required: a. Based on the above information, you are required to calculate: i Payback period for both projects. ( 6 marks) ii. Net present value (NPV) for both projects. (8 marks) 111. Profitability index for both projects. (4 marks) b. Which project should be accepted and why? Please state your reason (2 marks)