Capital Investment Appraisal Techniques X construction is considering two projects to develop. The estimated net cash flow from each project is as follows: Year 1 Year 2 Year 3 Year 4 Project X 110,000 65,000 100.000 115,000 35,000 Project Y 75,000 150,000 60,000 55,000 60,000 Year 5 Project requires an investment of $200,000. A rate of 15% has been selected for the NPV analysis. Requires to a) Calculate Payback period, ARR, Net Present Value and Profitability Index b) Which Project is to be recommended to develop based on NPV, Profitability Index, Payback period and ARR? Suggest