Medina Industries is considering two investment projects. The estimated cash flow in SARs for each project is as follows: Cost: 2,400,000 Year Plant Expansion Retail Store Expansion (2,400,000) (2,400,000) 420,000 810,000 540,000 760,000 3 680,000 680,000 760,000 540,000 5 810,000 420,000 Total 3,210,000 3,210,000 The company has decided that the appropriate discount rate is: 10% Required: 1. Calculate the payback for each project (to 3 decimal points). 2. Calculate the Net Present Value (NPV) for each project. 3. Calculate the Internal Rate of Return (IRR) for each project. 4. Advise management on which, if either, project to pursue and why. 5. You must show all your work