Project Alpha would generate annual cash inflows of £200,000 after the purchase
of machinery costing £556,000, with a scrap value after five years of £56,000.

Project Beta would generate annual cash inflows of £500,000 after the purchase
of machinery costing £1,616,000, with a scrap value after five years of £301,000.

Required:
Calculate, for each project, the return on capital employed (ROCE), net present
value, and payback period. Advise which project should be undertaken based upon
the results calculated.