GEM Management Limited is considering two projects either to upgrade its club house facilities (CH) or extend car park space for electric cars (EC). Due to financial limitation, the company could only invest in one project. Initial investment for CH is $1,450,000 with returns in 3 years for $1,800,000 while EC involves initial outlay of $3,600,000 with returns in 4 years for $4,500,000. Annual interest rate in market is assumed 5%. Required: (a) Compute the NPVs of the two projects and suggest which project is preferred. (6 marks) (6 marks) (b) Determine the IRRs of the two projects and suggest which project is preferred. (Round off your answers to 2 decimal places.) (6 marks) (c) If the maturity of EC has shortened to 3 years while that of CH remains unchanged, would your comments be different