The following data are supplied relating to two investment projects, only one of which may be selected: Project A Project B Initial capital expenditure 50,000 50,000 Profit (loss) Year 1 25,000 10,000 Year 2 20,000 10,000 Year 3 15,000 14,000 Year 4 10,000 26,000 Estimated resale value at end of year 4 10,000 10,000 Notes (1) Profit is calculated after deducting straight-line depreciation (2) The cost of capital is 10% Required: (A) Calculate for each project: (i) Payback period; [10 Marks] (ii) Average annual rate of return on average capital invested [10 Marks] (iii) Net present value [10 Marks]