Tyturn (Ltd), South Africa, is a specialist manufacturer of security doors and gates. In seeking to expand its operations, it has the opportunity to acquire a German subsidiary company, Berlin Dynamics, or set up a new division in its home market. Additional information: - The project is expected to last for 10 years. - Tyturn (Ltd), current cost of capital is 12%. - The German inflation is expected to be below the South African inflation by 1% per year, throughout the life of this investment. - The current exchange spot rate is R12 to the Euro ()