Question 2: As managing director (MD) of a company, you need to make a decision on which project to fund from the four you are being presented with: | Year Project #1 Project #2 Project #3 Project #4 Investment 389k 388k 183k 529k Year 1 121k 142k 231k OK Year 2 421k 222k 249k 553k Year 3 1208k 404k 825k 1m Year 4 Ok 881k 200k 548k Year 5 Ok 1.23m 112k 448k Calculate and show the derivation of the payback period for each project. Calculate and show the derivation of the NPV for each project (20% discount). Write down the equation for the IRR, and obtain the IRR for each project. Justify which project you would favour. [50 marks