Q$3$ Your Company is considering two projects A and $B,$ each of which requires an initial outlay of Rs $50$ million. The expected cash inflow from these projects are:$-$

$\backslash$table$[[,$Rs in Millions$],[$Year$,$Project A$,$Project B$],[1,11,38],[2,19,22],[3,32,18],[4,37,10]]$

$($a$)$ What is the pay back period for each of the projects?

$($b$)$ If the two projects are independent and cost of capital is $12$ per cent, which project$($s$)$ should the firm invest in$?$

$($c$)$ If the two projects are mutually exclusive and cost of capital is $15$ per cent, which project should the firm invest in$?$