Consider two mutually exclusive projects Project X and Project Y with identical initial outlays of RM90,000 and depreciable lives of 5 years. Project X is expected to produce free cash flows of RM32,787 each year. Project Y is expected to generate a single after-tax net cash flow of RM223,880 in year 5. The cost of capital is 15 percent. i) Compute the payback period for each project. ii) In a situation where there is capital rationing, calculate the profitability index (PI) for both projects and rank them accordingly. Based on your PI calculations above, identify the problems you foresee in selecting one of the projects. Select the best project based on Capital Budgeting Valuation Techniques above. **Pls note that I can't seem to get the calculation correct for the payback period and the PI. So I would really appreciate if the method/workings can be shown so that I can understand it properly. :( I already got the calculation for NPV and IRR respectively. Project X NPV: 19,907 IRR: 24% Project Y NPV: 21307.93 IRR: 20% Thank you so much experts/mentors out there!