a) Data relating to three investment projects are given below: A B Initial investment $30,000 $20,000 $50,000 Useful life 10 years 4 years 20 years Annual cash savings $6,207 $7,725 $9,341 Rank the project according to their attractiveness using the internal rate of return method. (12 marks) b) Assume that LMH Corporation plans to invest in a project during a particular year. Additional information on the project is as follows: Year After-tax cash flows Project H 1 $20,000 2 $25,000 3 $80,000 4 $22,000 Using the cost of capital of 9% and a net present value (NPV) of $1,700, calculate the payback period for the project. (13 marks)