Investments A and B$,$ each requires an initial investment of P$1$ million today $($i$.$e$.$ last day of $2017)$ and

promising cash flows at the end of each of the following $5$ years at $10\%$ discounting rate;

Investment A Investment B

$2018($P$1000000)($P$1000000)$

$2019$ P$400000$ P$100000$

$2020$ P$400000$ P$100000$

$2021$ P$400000$ P$100000$

$2022$ P$400000$ P$1000000$

$2023$ P$400000$ P$1000000$

Required:

$($a$)$ Calculate the net present value for the two investments. $(6)$

$($b$)$ Calculate the discounted payback for investment A$.(4)$