The following $2$ mutually exclusive projects $($Project A and Project B$)$ are available :

Year$/$s Cash Flows $($A$)$ Cash Flows $($B$)$

$0-200000-20000$

$11800010000$

$2280009000$

$32800010000$

$43000008000$

NB: $1.$ The company requires a rate of return of $14\%$ on its investment.

$2.$ Assume profits equal cash flows

$2\mathrm{.}1.$ Applying the payback rule, which project is more lucrative?

$2\mathrm{.}2.$ Using the average rate of return $($ARR$),$ determine which project is more viable

$2\mathrm{.}3.$ Determine which project is more lucrative if the NPV rule is applied.