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Holiday Limited is currently analyzing capital budgeting proposals for the two potential investment projects. The president has projected the future cash flows for the two potential investment projects. The information concerning the two projects is as follows: Project A Project B Projected Cash Outflow ($'000) Initial Outlay 2,900 2,750 Projected Cash Inflows ($'000) Year 1 950 1,000 Year 2 850 800 Year 3 750 700 Year 4 650 600 The required rate of return for Holiday Limited is 6 %. Ignore taxation. Required: (a) With respect to the above information of the projects, calculate: (i) the payback period for each of the two projects and suggest which project(s) should be accepted under the payback method criteria if A, B are independent projects and the cut- off period is 3 years. (3 marks) (ii) the Net Present Value (NPV) for each of the two projects and suggest which project(s) should be accepted under the NPV method criteria if A and B are mutually exclusive projects. (3 marks) (iii) the discounted payback period for each of the two projects and suggest which project(s) should be accepted under the discounted payback method criteria if A, B are mutually exclusive projects and the cut-off period is 3 years. (3 marks) (iv) the modified internal rate of return (MIRR) for each of the two projects and suggest which project(s) should be accepted under the MIRR method criteria if A, B are mutually exclusive projects. (3 marks) (b) The president has not deducted interest charges for the forecast of cash flows of project A and Project B. Do you agree the president's treatment of interest charges for the projection of cash flows? Please explain. (4 marks) (c) The president has included the recovery of net operating working capital in the projection of future cash flows. Do you agree the president's inclusion of recovery of net operating working capital for the projection of cash flows? Please explain. (4 marks)