F-Tech Entertainment, a company specializing in event management, is considering two mutually exclusive projects, each with an initial investment of RM350,000. The company's board of directors has set a maximum 4-year payback requirement and the company's cost of capital is 12%. The two projects are Project Expansion and Project Diversification Project Diversification, in which F-Tech plans to expand its business to Dubai. They have done their market survey and found that there is high demand for tailor-made event management. This alternative will provide cash inflow of RM245,000 per year for the next 5 years. Project Diversification, on the other hand, is a plan to bring the company into a new business. The board of directors feel that F-Tech has the manpower to enter the fashion business. This alternative will provide an uneven cashflows of RM150,000, RM175,000, RM 85,000, RM190,000 and RM150,000 in year 1, year 2, year 3, year 4 and year 5 respectively. The management of the company requires you to evaluate the two projects using payback period, NPV and profitability index. Evaluate these two projects and give your recommendation to the board of directors of F-Tech Entertainment