IV. The General Manager of Eating Extravagance Ltd has approached you seeking advice on two competing investment opportunities that he has under consideration. initial investment of $40,000 and will result in the following annual cash flows over a six-year period. (15 points) Each investment requires an Alternative Alternative Year 1 2,000 8,000 10,000 12,000 16,000 13,000 11,000 8,000 6,000 24,000 4,000 4 6 Required (a) Calculate the payback for each of the investment alternatives. Based on the payback method state which is the preferred investment. (b) Calculate the net present value of each of the alternatives, assuming the general manager uses a discount rate of 10% in all NPV calculations. (c) Based on your calculations, comment on which, if either, of the investment alternatives should be taken