Technifibre Limited explores the option of three capital expenditure projects. However, just one project may be selected due to capital rationing. The cost of capital in 10% and the initial outlays and net cash flows differ for each project. The details of each investment are detailed below: Investment One will cost R900 000 with an expected scrap value of R60 000 at the end of five years. The expected net cash flows for each of the five years respectfully are R480 000, R420 000, R390 000, R360 000 and R330 000. Investment Two will cost R690 000 with an expected scrap value of R90 000 at the end of five years with an expected annual net cash flow of R600 000, R420 000, R300 000, R300 000 and R300 000 respectively over the expected five-year lifespan of the project. Finally, Investment Three involves an initial outlay of R390 000 with no expected scrap value. The expected net cash flows for Investment Three is R180 000 per annum over the four-year expected lifespan of the investment. 3.1 Calculate the payback period for each investment. (Answer must be expressed in years, months (9 marks) and days 3.2 Calculate the accounting rate of return for Investment 3. (Answer expressed to 2 decimal places) (5 marks) 3.3 Calculate the net present value of each investment. (Round off amounts to the nearest Rand) (9 marks) 3.4 Using the answers from question 3.3, which project should be chosen? Why. (2 marks)