Golden Co Ltd is considering embarking upon a project which is expected to improve its financial position but its confronted with a choice among TWO competing project options. The estimated dates and cash flows of two projects are as follows.

Period(Year)	Project A ()	Project B ()
0	(5000)	(5000)
1	900	700
2	900	800
3	900	900
4	900	1000
5	900	1100
6	900	1200
7	900	1300
8	900	1400
9	900	1500
10	900	1600

Help Golden Co ltd makes a decision on which project to be selected under each of the following criteria:

1. the Payback period, (8marks)
2. the net present value assuming a cost of capital of 12% (12marks)
3. the Internal rate of return (IRR)(10 marks)