$1)$ Teck Engineering normally expects a minimum rate of return of $12\%$ on investments. Two projects are available but only one can be chosen. Project A requires an immediate investment of $$4,000,000.$ In return revenue payments of $$4,000,000$ will be received after $4$ years and

$$9,000,000$ after nine years. Project B requires an investment of

$.,$$$4,000,000$ now and another $$2,000,000$ at the start of the third year. In return revenue payments will be received in the amount of $$1,500,000$ per year for nine years.

a$)$ Calculate the NPV of both projects. $(6$ Marks$)$

b$)$ Calculate the ROI of both projects. $(4$ Marks$)$

c$)$ Determine the payback period of both projects. $(2$ Marks$)$

d$)$ Which project would you choose? Why? $(3$ Marks$)$