Yaya Enterprise is a construction business owns by Maria and Zakaria. They are considering two investment appraisals: Kerja Project (RM) Raya Project (RM) Initial investment 100,000 300,000 Revenue for year 1 150,000 170,000 Year 1 variable operating costs 25,000 65,000 Annual fixed operating costs 11,500 12,000 Projected life for Kerja Project is 2 years, while Raya Project is 4 years. It is estimated that for future years: 1. Revenue will increase by 12% annually for Kerja and Raya projects. 2. Both projects will experience an increase of 5% annually for variable operating costs. 3. The fixed operating costs will remain the same in year 1 and 2 for both projects, then in year 3 there will be an increase of RM500 for Raya. 4. The annual depreciation for Kerja and Raya is 1,500 and RM1,000 respectively. The depreciation expense has been included in fixed operating costs. 5. The company is entitled for 20% initial allowance and 15% annual allowance. 6. Salvage value for Kerja is RM25,000, while Raya will no value at the end of its estimated life. 7. The company's cost of capital is 14%, and tax rate is 25%. Required: a) Calculate Net Present Value for both projects