CITC Bhd. is evaluating two independent projects: Project X and Y. The required rate of return for the two projects is 13%. The cash flows and Net Present Value (NPV) of each project is derived as follows: Year 0 1 2 3 4 5 (ii) Cash Flow (RM) Project X -150,000 0 0 0 Project Y -150,000 44,000 44,000 44,000 44,000 44,000 0 220,000 Net Present Value (NPV) Based on the information above, answer the following questions: (i) Present Value of Cash Flow (RM) Project X Project Y -150,000 -150,000 0 38,938.05 0 0 0 119,407.19 -30,592.80 34,458.45 30,494.21 26,986.02 23,881.44 4,758.17 Discuss the rationale behind the difference in NPV between the two projects. Propose an appropriate capital budgeting decision to the company with justifications based on the NPV derived above. (iii) Calculate the Internal Rate of Return (IRR) of Project X and Y, respectively. Compute the Payback Period and Discounted Payback Period of Project Y and explain the difference between the two capital budgeting techniques.