Plant Expansion Retail Store Expansion Year (7,500,000) (7.500,000) 1 2,200,000 3,050,000 2 2,200,000 2,700,000 3 2,200,000 2,050,000 4 2,200,000 1,650,000 5 2,200,000 920,000 Total 11,000,000 10,370,000 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 Present Value Index (Pl) for each project (round to 3 decimal places). 4. Calculate the Internal Rate of Return (IRR) for each project (Round to 2 decimal places). 5. Advise management on which, if either, project to pursue and why