JJ Ltd are looking to expand in to Northern Ireland over the long-term, and to test the market they intend on undertaking a time-specific project in the Greater Belfast area. They are presented with three investment opportunities, and require that you recommend one. In order to do so, they have provided you with the following information: Project I will last for 4 years. The initial investment is 350,000. The expected cash flows from the project are 220,000 in Year 1, which increases by 10,000 every year until the project ends. Project II will last for 5 years. The initial outlay is 375,000. The expected cash flows originating from the project is 150,000 in Year 1, 170,000 in Year 2, 200,000 in Year 3, 120,000 in Year 4 and 150,000 in Year 5. Project III will last for 4 years. The initial investment will be 315,000. The expected cash flow originating from the project is 135,000 in the first two years and then 235,000 each year for the remainder two years. Current cost of capital is 13%. You are required to: 1) Evaluate each of the three projects using: Net Present Value (NPV) Note: Discount factors should be used exactly as they appear in the discount factor table (5 decimal places) All results for Present Value and Net Present Value (NPV) should be rounded to the nearest whole number. (18 marks) 2) State which of the three alternatives JJ Ltd should choose, and why. (7 marks) 3) Explain five non-financial factors to be considered by management in making a final project decision.