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Question 4 Ewoks has been retained as a management consultant by Empress Corp., a local speciality retailer, to analyze two proposed capital investment projects, project X and project Y. Project X is a sophisticated working capital and inventory control system based upon a powerful personal computer, called a system server, and PC software specifically designed for inventory processing and control in the retailing business. Project Y is a similarly sophisticated working capital and inventory control system based upon a powerful personal computer and general-purpose PC software. Each project has a cost of $50,000 and the cost of capital for both projects is 12%. The projects expected net cash flows are as follows: (i) Year 0 1 2 3 4 Project X ($50,000) 18,000 18,000 18,000 18,000 Project Y ($50,000) 15,000 15,000 20,000 30,000 Calculate each project's payback period, net present value (NPV), internal rate of return (IRR), and profitability index (PI). (You must show all the detail steps to get marks) (22 marks) (ii) Which project should be accepted? Explain