Consider the following projects, where the cost of capital is 10%. Cash Flows (000's) Project Co C1 C2 -10 30 5 -5 5 20 5 5 15 1. Calculate the NPV of each project. Which is to be preferred and explain why? (6 marks) 2. List the advantages of the NPV as a method of investment appraisal. (6 marks) 3. If there is a capital constraint in place which limits spending to 10,000, which project or projects should be selected? (4 marks) 4. What are the main objections to the use of the payback criterion as a method of project evaluation