Facts Enterprises is trying to select the best investment from among four alternative independent projects presented by their respective firms. Each alternative involves an initial outlay of $80,000 and a 12% cost of capital. Management requires that all project investments should be recovered in 4 years. Their cash flows follow: Year Sun Ltd Moon Ltd Best Ltd Pep Ltd 1 50,000 20,000 25,000 2 40,000 30,000 25000 3 30,000 20,000 25,000 30,000 4 20,000 10,000 25,000 25,000 5 10,000 30,000 25,000 25,000 6 5,000 30,000 (i) Calculate each projects Payback Period (ii) Calculate each projects Net Present Value (NPV) (iii) Which project should the firm accept under each technique?