PT Ruang Ujian is a company that provides stationery items. Due to limited resources, the company can only choose 1 of 3 project proposals for the next few years. The first project focused on procuring equipment by purchasing 12 copier machines and 24 computers, which required an investment of $118,000. The second project focused on building renovations and adding 5 scanners and 12 computers for a total investment of $160,000. The third project is to open another branch in the Kukab Region (Kukusan Kabupaten) with an investment of $550,000. All projects will be evaluated for 5 years. You, the Accounting and Finance Department Manager, obtain cash flow projections for all projects. The first project is predicted to have a stable cash flow with a first-year cash flow of $83,275, and the cash flow will grow in the second to last year by 9%,10%,11%, and 12%. The second project will have relatively small cash flows in the first year and be stable growth from second until the final year with first and second-year cash flows of $50,250 and $107,280, then the cash flow will grow in the third to final year by 13%,18%, and 23%. The third project focuses on expanding the business so it will have a small cash flow at the beginning and a large cash flow at the end, with the first year to the third year being $38,750,$124,635, and $280,310 and the cash flow will grow in the fourth and fifth years by 20% and 55%. With a required rate of return of 15% and using investment decision Payback Period, Discounted Payback Period, Profitability Index, and NPV, which project would you recommend to the board of directors PT Ruang Ujian? Explain your arguments