$($show every single step$)($no excel pls$)$

$($ii$).$ Newfoundland Vintners Co$-$operative is considering two mutually exclusive projects: Absinth and Brandy. Project Absinth requires a $$205,000$ cash outlay today and is expected to generate after$-$tax cash flows of $$110,000$ in year $1,$ $$85,000$ in year $2,$ and $$75,000$ in year $3.$ Project Brandy requires a $$300,000$ cash outlay today and is expected to generate after$-$tax cash flows of $$70,000$ in year $1,$ $$90,000$ in year $2,$ $$110,000$ in year $3,$ and $$160,000$ in year $4.$ Both projects can be replicated at the end of its life. The appropriate discount rate for both projects is $10$ percent.

a$)$ Calculate the NPV of both projects. Given that the projects are mutually exclusive and can be replicated, which project should be accepted? $(11$ marks$)$

b$)$ Calculate the payback periods of both projects if cash flows occur evenly throughout the year. $(4$ marks$)$

c$)$ Calculate the discounted payback periods of both projects if cash flows occur evenly

throughout the year.$(6$ marks$)$

d$)$ Calculate the profitability index of both projects. $(2$ marks$)$

e$)$ Using the information in $($a$)($d$),$ which project should be chosen? Why? $(2$ marks$)$