Question 3 (44 marks) You are financial analyst of state-owned company. The director of finance has asked you to analyze two proposed capital investments, Project X and Y. each project has cost of N$20000, and the cost of capital for each is 12%. The projects' expected cash flows are as follows: Calculate each project a) Calculate each project's payback period, (4 marks) b) Net present value (NPV), (8 marks) c) Internal rate of return (IRR), (12 marks) d) Modified internal rate of return (MIRR), (12 marks) and e) Profitability index (PI). (4 marks) f) Which project or projects should be accepted if they ? (2 marks)