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22. KELENKELE LTD has three (3) capital expenditure projects in view. Only one (1) of the projects can be accepted because of capital rationing. Below are the information relating to the said projects: (All in thousands of Ghana Cedis) PROJECTS A B 1,400.00 1,610.00 1,260.00 5 Years 5 Years Initial Cost (GHC) Expected Life Expected Salvage 4 years Value (GHC) 70.00 105.00 56.00 Expected Cash Flows (GHC): Year Ending 1 560.00 700.00 385.00 2 490.00 490.00 455.00 3 455.00 350.00 665.00 4 420.00 350.00 700.00 5 385.00 350.00 The Company estimates its cost of capital to be 20% Calculate the following: (4 Marks) (a) The Net Present Value (NPV) of each project; (4 Marks) (b) The Pay Back Period of each project; (4 Marks) (c) The Accounting Rate of Returns for each project; (4 Marks) (d) Which of the projects should be ACCEPTED and WHY? (e) Explain the factors management would need to consider in addition to the financial (4 Marks) factors before making a final decision on a project. TOTAL MARKS (20 MARKS) and begin a