Question $1$ Two mutually exclusive projects are being evaluated in this year$$s capital budgeting exercise. Each project has an initial outlay of $$950,000$ and a required rate of return of $13\%.$ The after$-$tax cash flows for the two projects are as follows: Details Project A Project B Initial cost $$950,000$ $$950,000$ Scrap value expected $ $50,000$ $ $80,000$ After$-$tax Cash flows $ $ Year $----1180,000250,0002510,000350,0003350,000350,0004340,000250,000$ A$.$ Compute for each project$$s: i$.$ Payback period $(6$ marks$)$ ii$.$ Net Present Value $(14$ marks$)$ iii. Profitability Index $(6$ marks$)$ B$.$ Using the information calculated; explain which project should be selected. $($