Exercise 3: The Yayra Gas Company is comparing six capital improvement projects. It has allocated Ghel.5 million for the project. The following proposals and associated profitability indexes and cash flows have been determined. The projects are independent of each other. Required; a) Compute the initial investment of each project. b) Assuming all the projects are equally important, advice the management the optimal combination of project to undertake. c) What other factors should the management consider in embarking on such a project? d) What are the advantages and disadvantages of profitability index as investment appraisal technique