2. Vision Industry is considering three mutually exclusive projects for next year's investment plan. The initial outlay project x is 4million and project y is 5million and after tax cash flows of the three projects are given below: X 5 year's Y 5 year's Projects Period Cash Inflows Year 1 2 3 4 5 RM1,193,240 RM1,193,240 RM1,193,240 RM1,193,240 RM1,193,240 RM2,000,000 RM2,000,000 RM1,500,000 RM1,500,000 RM1,000,000 There is no residual value. The present WACC of the company is 16%. Which project is suitable on the basis of? a) Payback Period b) Internal Rate of Return (IRR)