Based on the following information, answer all the questions in this section. (Show your works clearly in tabular format, and round the figures to two decimal places, if applicable) The Chief Executive Officer of LM Group appointed you as the General Manager for a new investment project of Relax Resort. The total investment cost of the project is $6,920,000. After having conducted a financial analysis, you estimated that it will generate the following amounts of return, i.e. annual cash flows, in the first seven years. The required rate of return is 10% Year 1 2 3 Annual cash flows $200,000 450,000 980,000 2,100,000 2,550,000 2,550,000 2,550,000 4 5 6 7 1. Calculate the payback period of the project. (Show all your steps clearly) (7 marks) 2. Calculate the net present value (NPV) of the project. (Show all your steps clearly) (8 marks) 3. Compare "payback period" and "net present value" (NPV), explain which one should be a better investment appraisal technique? (4 marks)