QUESTION 2 (a) A diamond mining project belonging to Marange Consolidated Limited involves an initial outlay of $100 000 000. The annual net receipt for each of the first five years (2018-202022) are estimated to be $28 000 000. REQUIRED Prepare the internal rate of return (IRR) of this project. [15 marks] [NB: For cost of capital you may use 10% and 14% if you so wish.] (b) Is it true, to the best of your knowledge, that Net Present Value [NPV] is a superior capital appraisal technique to Internal Rate of Return [IRR]? Justify your answer. [10 marks]