Paragraph Styles Hardware Plus Limited (HPL) is considering four projects to modernize their operations. The initial capital outlay for each project is $150,000. The cost of capital for the company is 8%. HPL has a payback cut off years of 4 years. The cash flow for each project are detailed in the table below. Year Lumber Forklift Cement Steel 100) Initial Outlay (150,000) (150,000) (150,000) 80,000 70,000 20,000 80,000 30,000 30,000 30,000 40,000 70,000 40,000 30,000 60,000 40.000 60,000 30,000 30,000 (4 Marks) 1) Calculate each project's Payback period (1 Mark) ii) CA Which project(s) should be accepted under the Payback period? (12 Marks) mi) Calculate each project's Net Present Value (NPV). iv.) Based on the NPV results, if the projects are mutually exclusive, which project should be selected? (1 Marks) v.) Based on NPV results, if the projects are independent, which project should be selected? Marks)