4.(20 points) There are three mutually exclusive projects available to your firm. Assuming that your firm does not have resource constraints, all projects have similar risk profiles, and the appropriate discount rate is 10\%: a) Assess the projects using the payback investment rule. b) Which project would you choose based on the IRR approach? c) Would your answer change if you furthered your analysis by using the incremental IRR analysis? d) What would be your recommendation based on an analysis based on the NPV investment rule? e) Compute the profitability index ( PI ) values for each project and please make a recommendation based on the Pl approach. f) What would be your actual recommendation? Suppose that your firm has an available capital budget of 400 and the projects are not mutually exclusive. g) Which project(s) would you recommend to the management for investment? Verify your answer by carrying out a profitability index analysis. h) Assume that the capital budget constraint is removed but your firm has a constraint for production space of 1200 sqm. The production spaces needed for each project are given below. Which project(s) should be chosen for investment? i) Now, assume that there is another project (Project D) available to your firm, and it has the same risk profile as others. It requires a production space of 300 sqm. Please update your recommendation based on the PI approach.