QUESTION 3 (20 Marks) Answer the questions from the information provided. Where applicable, use the present value tables that appear in the module guide. 3.1 REQUIRED Calculate the following for both projects from the information provided below: 3.1.1 Payback Period (expressed in years, months and days) (5 marks) 3.1.2 Accounting Rate of Return on average investment (expressed to two decimal places). (5 marks) INFORMATION Mentos Ltd had to choose between two projects, Alpha and Beta, for which the following profits and net cash inflows are forecast: Net profit per year Net cash inflow per year Year Alpha Beta Alpha Beta 1 R53 000 R45 000 R128 000 R120 000 2 R53 000 R65 000 R128 000 R140 000 34 R53 000 R85 000 R128 000 R160 000 R53 000 R95 000 R128 000 R170 000 Each project requires an investment of R300 000. Both projects have no salvage value.