Question 4 (25 Marks) Excellence Through Knowledge Limited (ETK) is considering two projects in Latin America. The initial capital outlay for each project is US $75,000. The cost of capital for the company is 9%. The cash flow for each project are detailed in the table below. Year Landscaping Restaurant $ $ Initial Outlay (75,000) (75,000) 1 25,000 36,000 2 0 21,000 3 32,000 0 20,000 12,000 5 23,000 31,000 i.) Calculate each project's Payback period (4 marks) ii.) Assuming that the projects are mutually exclusive, which project(s) would you recommend according to the Payback period? Why would you make this recommendation? (2 marks) iii.) iv.) Calculate each project's Net Present Value (NPV). (6 Marks) Assuming that the projects are independent, which project(s) would you recommend according to the NPV? Why would you make this recommendation? (2 Marks)