4. Your company is analyzing two projects, X and Y. The detail information for both projects are as follows: Project X: The initial cost for this project is RM18,000. The expected cash flows for this project is RM7,000 per year for 5 years. Project Y: The initial cost for this project is RM20,000. The expected cash flows for this project are RM6,000 at the end of year 1 to year 2 and RM8,000 at the end of year 3 to year 5. Assume that cost of capital complies for both project is 11%. 1. (a) Draw the timeline for both projects, Project X and Project Y. 2. (b) Calculate the following for each project: 1. (i) Payback period 2. (ii) Net Present Value (NPV) 3. (iii) Profitability Index (PI) 4. (iv) Internal Rate of Return (IRR) 3. (c) If the projects are independent, which one would you recommend? Explain