Question 3: (20 marks) Rana Company has $300,000 to invest and wishes to evaluate the following three projects. Years X ($) Y($) ) z ($) 0 (100,000) (120,000) (90,000) 1 40,000 70,000 70,000 2 40,000 50,000 10,000 3 40,000 40,000 20,000 4 40,000 20,000 cost of capital 12% 12% 12% Required: Which project(s) would you recommend using: a. Payback Period (PP) in nominal and discounted values. b. Net Present Value (NPV) C. Profitability Index (PI) d. The internal rate of return (IRR) (hint: use30% for X and Y, and 5% for Z)