3. A project manager is provided the following information for two alternative investments. The first investment is promised to earn a profit of $150,000 for the first four (4) years; the second investment is promised to earn a profit of $125,000 in the first six (6) years. Assuming a rate of discount of 9% which investment has the highest profit? Explain. Show the formula you use and the work to derive the answer. Do not use a financial calculator. 4. Suppose the project manager realizes the rate on the two projects may be low. The project manager decides to impute an 18% discount rate. Which project has the higher profitability given the new rate of discount? Explain. Show the formula you use and the work to derive the answer. Do not use a financial calculator