please show calculation . Thank you.

QUESTION 3 (35 MARKS) Malakoff International Berhad is considering four major projects which have either two or three-year lives. The firm has raised all of its capital in the form of equity and has never borrowed money. This is partly due to the success of the business in generating income and partly due to an insistence by the dominant managing director that borrowing is to be avoided if at all possible. Shareholders in Malakoff regard the firm as relatively risky, given its existing portfolio of projects. Other firms' shares in this risk class have generally given a return of 15 per cent per annum and this is taken as the opportunity cost of capital for the investment projects. The risk level for the proposed projects is the same as that of the existing range of activities. Year Project A Project B Project C Project D (RM) (RM) (RM) (RM) 0 (38,266.00) (39,500.00) (20,100.00) (19,075.00) 1 16,500.00 25,750.00 7,000.00 16,000.00 2 16,500.00 19,500.00 8,000.00 3 16,500.00 27,500.00 Ignore taxation and inflation. b) He vaguely understands IRR and insists that you use this to calculate which of the four projects should be proceeded with, if there are no limitations on the number that can be undertaken. (16 marks)