Soulful Ltd is trying to select the best investment from among four alternatives. Each alternative involves an initial outlay of $100,000 and a 10% cost of capital. Their cash flows follow:

Year	A	B	C	D
1	$10,000	$50,000	$25,000	$ 0
2	20,000	40,000	25,000	0
3	30,000	30,000	25,000	45,000
4	40,000	0	25,000	55,000
5	50,000	0	25,000	60,000

(a) What is each projects Payback Period (8 marks)

(b) Calculate each projects Net Present Value (NPV) (8 marks)

(c) If the projects are independent which project(s) should the firm accept under the NPV technique? (3 marks)

(d) If the projects are mutually exclusive which project should the firm accept under the NPV technique? (1 marks)