(a) Almond Inc. is considering two mutually exclusive projects, each with an initial investment of $250,000. The company's board of directors has set a maximum 4 year payback requirement and has set its cost of capital at 9%. The cash inflows associated with the two projects are shown in the following table. Year 1 2 3 4 5 6 Cash inflows (CF) Project A Project B $55,000 $75,000 55,000 60,000 55,000 30,000 55,000 60,000 55,000 30,000 55,000 60,000 Required: (1) Calculate the payback period for each project. (4 marks) (ii) Calculate the net present value of each project at 9%. (8 marks) (iii) Derive the internal rate of return of each project. (8 marks) (iv) Rank the projects by each of the techniques used. Make and justify a recommend- dation. (5 marks) [Total: 25 Marks]