QUESTION 3 (25 marks) a. What are the criteria for choosing a project planned using the payback method and the net present value. What are the criticisms of the use of the payback period as a capital-budgeting technique? What are its advantages? [10 marks ] b. Before a business project can be implemented, why is capital budgeting important in a company's financial management.? [5 marks ] You are considering a project that will require an initial outlay of RM50,000.00. This project has an expected life of five years and will generate income cash flows to the company as a whole of RM15,000.00 of each year. Required: Culculate: i). Payback period ii) Using rate of return is 10%, find net present value ra