3.1. What is the difference between Minimum Attractive Rate of Return (MARR) and Internal Rate of Return (IRR)? And how can they be used together to determine economic viability of projects? (3) 3.2. Evaluate the feasibility of a solar power plant by using the Present Worth (PW) method when the Minimum Attractive Rate of Return (MARR) is 12% per year. Pertinent cost data are as follows: (6) 3 Power Plant Investment cost R13 000 000 Useful life 15 years Market value (EOY 15) R3 000 000 Overhaul cost-end of 5th year R200 000 Overhaul cost-end of 10th year R550 000 3.3. It is estimated that R1,75 million will be required to implement a project to develop a diesel depot. The expected cash flows to be generated from the depot are as follows: Cash flow 1 R600 000 2 R600 000 3 R600 000 4 R600 000 a) Determine the simple payback period for the project. + b) The discounted payback period if the MARR is 8%. 4/4