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The Case Study Making Firm Investment Decision at GM GM is a large car manufacturing firm considering replacing one of its painting machines with either of two new machines: machine A or machine B. Machine A is a highly automated and computer-controlled machine; machine B is a less expensive machine that uses standard technology. To analyse these alternatives, Simon Ray, a financial analyst, prepared estimates of the initial investment and incremental (relevant) after-tax net cash flows associated with each machine. These are presented in the following table: Machine A Machine B Year 3 Initial investment $660,000 $350,000 Net cash inflows 1 $130,000 $90,000 2 180,000 120,000 165,000 95,000 170,000 85,000 450,000 200.000 Note that Simon plans to amortise (depreciate) both machine over a five-year period. At the end of that time, the machines would be sold, thus accounting for the large fifth-year net cash flows. Simon believes that both machines are equally risky and that acceptance of either of them will not change firm's overall risk. He therefore decides to apply the firm's 13% cost of capital when evaluating the machines. The firm requires all projects to have a maximum payback period of four years Required to be reported in your single report: In this case study, assume yourself as a financial manager advisor to the car manufacture GMA financial advisor is required to prepare an executive-style report, in a manner consistent with what is expected in the real world by a typical Board of Directors. In this report, you will evaluate projects using capital budgeting techniques. The report has maximum length of 25000 words and should answer the following questions: 1. Show the project's evaluation steps and results as follow: - a. Use the payback period to assess the acceptability and relative rank of each machine. b. Assuming equal risk, use Net present value (NPV) and Internal rate of return (IRR) techniques to assess the acceptability and relative ranking of each machine. 2. Summaries the results that are indicated by all the three techniques used above