X construction is considering two projects to develop. The estimated net cash flow from each project is as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Project M 40,000 35,000 30,000 25,000 20.000 Project N 20,000 25,000 30,000 35,000 60,000 Each project requires an investment of $110,000. A rate of 12% has been selected for the NPV analysis. Requires to a) Calculate Payback period, ARR, Net Present Value and Profitability Index Which Project is to be recommended to develop based on NPV, Profitability Index, Payback period and ARR? Suggest