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Question 2 A shoe shop owner is planning to open another branch and has to decide between two new locations that involve large capital investment - the business cannot afford both of them. He has forecasted the following annual net cash flows for these two locations. These forecasts are based on market research and cost estimates. The cash flows are as follows: Year Location A Location B ($12000) ($12000) 1 $3000 $6000 2 $4000 $5000 $5000 $3000 $6000 $2000 $5000 $5000 (a) Calculate the simple payback period for both projects and comment on your results. [3] (b) Calculate the ARR for both projects. [3] () Explain why the manager might find it difficult, in the light of your results, to make a choice between hese two projects. [2] (d) Calculate the net present value of both locations at: (i) 10% discount and [ii) 20% discount. [4] (e) Using all of your results, recommend to the manager which location you consider should be selected, on the basis of quantitative data. [3]