Question 3. Carwyn ttd. is planning to diversify its operations by exploring two new business opportunities expenditure and a further E55,000 of working capital. At the end of vear 4 the residual value is forecast to be $50000. Opportunity Beta also has an estimated working life of four vears and has an initial cash outflow of f215,000 which includes working capital of 1115,000 . At the end of year 4 the Required: - a. Utilising the above information, numerically assess the projects using:- - Payback (5 Marks) - Net Present Value using the present value rates at 15% (S Marks) - Internal rate of return using present value rates at 25K (5 Marks) b. Based on your evaluation, make recommendations as to which project should be undertaken? Please justify your recommendations using appropriate academic literature. (5 Marks) TOTAL MARKS =20