please answer questions a to e provided with steps thankyou

Question 3 Alan Pilot Training Institute is considering an expansion of school by a new campus building. The principal, Alan, wishes having a good planning in capital budgeting for the expansion. There are 2 proposed plans of building construction and the estimated cash flows in next 4 years are as follows: Year Plan A Plan B 0 1 $ (3,000,000) 600,000 1,600,000 1,400,000 1,200,000 $ (2,350,000) 2,000,000 (2,000,000) 2,000,000 2,000,000 2 3 4 (a) Why the implementation of a capital budget is crucial to the school expansion? Please explain. (8 marks) (b) What are the similarities between a business firm's capital budget decisions and an individual's investment decision? (2 marks) (c) What is 'normal' and 'non-normal cash flows? to? Explain. Which cash flows do Plan A and Plan B belong (4 marks) (d) By using PV table, calculate NPV at 16% required rate of return for Plan A. (4 marks) (e) By using PVA table, calculate NPV at 16% required rate of return for Plan B. (3 marks) (f) According to NPV, which plan or plans should be accepted if they are independent? What if they are mutually exclusive? Justify your answers. (5 marks) (g) Calculate the IRR for Plan A and Plan B. (4 marks) (h) According to IRR, which plan, or plans should be accepted if they are independent? What if they are mutually exclusive? Justify your answers. (5 marks) (i) What are the differences between NPV and IRR? (6 marks) (j) What is the underlying cause of 'ranking conflicts' between NPV and IRR? (4 marks) (k) Which method is the best? Explain. (4 marks)