(Hakiemi is appointed as a financial analyst for YNWA Bhd. The director has asked him to analyse two proposed capital investments, Project SAL dan Project NAS. Each project has a cost of RM2,000,000. YNWA Bhd will use a mix of capital structure (40% of debt and 60% of equity) to finance their projects cost. YNWA will be issuing a 10-year bond with 10% coupon rate and selling price at RM750. Tax rate = 30%. Meanwhile, a 4%-risk free rate, risk premium of 3% and 2.0 for company beta. The projects expected net cash flows are as follows:) Tahun Aliran Tunai Bersih Dijangka Expected Net Cash Flows Year Project SAL Project NAS 0 -RM24,890,000 -RM13,500,000 1 12,950,000 7,230,000 2 10,923,000 8,100,000 3 8,231,000 8,629,000 4 7,242,000 5,238,900 Keputusan Hakiemi akan berdasarkan pengiraan untuk kaedah pembayaran balik, nilai sekarang bersih dan kadar pulangan dalaman dalam analisis. Projek mana yang harus dipertimbangkan oleh syarikat, jika projek ini adalah projek saling MENYINGKIRI? (Petunjuk: Tentukan dahulu kos purata modal berwajaran) (Hakiemis decision will be based on the calculations for the payback method, the discounted payback method, net present value and internal rate of return in his analysis. Which project should the company consider, if these projects are MUTUALLY exclusive projects? (Hint: First determine weighted average cost of capital)) (20 markah/marks) 3 b) Dalam konteks belanjawan modal, apakah kos peluang? (In the context of capital budgeting, what is opportunity cost?) (2 markah/marks) c) Apakah perbezaan yang penting antara analisis sensitif dan analisis senario? (What is the essential difference between sensitivity analysis and scenario analysis?)