Jefferson Ltd operates in the UK. The company intends to expand its market has decided to open a new section either in the North or in the Southeast of England. The following estimated net cash inflows for the two mutually exclusive projects hav been provided as below: Year Southeast Initial investments Year 1 Year 2 Year 3 Year 4 Year 5 North -360,000 140,000 100,000 70,000 120,000 90.000 -380,000 160,000 120,000 100,000 90,000 50,000 I Required: Based on the above information a) Calculate the payback period for each of the two project (4 marks) b) Calculate the net present value for each of the projects, assuming the rate of interest is 12%. (6 marks) c) Critically discuss your findings for payback periods and the net present values and recommend the project that the company should investment in. (100 words) (10 marks)