QUESTION $2(25$ Marks$)$

Management is considering various project investment options. Answer the following questions independently of each other. Include all calculations and round to two decimal places.

$2\mathrm{.}1$ Expansion can be undertaken by either $($a$)$ opening an additional branch in the North$-$West, or $($b$)$ opening another branch in Gauteng. If the board of directors requires that investments be recouped within fifty$-$five $(55)$ months, which project should be undertaken by management? $($Calculations should consider the exact payback period as the number of years, months and days$).(7$ Marks