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Durham Corporation is analyzing 2 capital expenditure proposals for next year, i.e. Project 1 and Project 2. Due to cash limitation, Durham can only take one project. Project A Project B $500,000 $1,200,000 Projected cash outflow Initial investment Projected cash inflows: Year 1 Year 2 Year 3 Required rate of return $200,000 $200,000 $200,000 8% $500,000 $500,000 $500,000 8% Required: a. Calculate each project's payback period. (5 marks) b. Calculate each project's NPV. (10 marks) (Hint: use the following table for discount factors) Year Year 1 Year 2 Year 3 Present value discount factors at 8% 0.926 0.857 0.794 C. Which project should Durham take, based on your answer in point a and b? Explain your