You have been asked, as a financial manager in Cortex Limited, to consider whether to invest in projects A or B. The expected cash flows for projects A& B over the next 4 years are given. Each project has an initial investment of Rs 150 million (Mn) and the Weighted Average Cost of Capital is 13%.

Years	Expected Net Cash Flows	Expected Net Cash Flows
	Project A	Project B
1	68	74
2	65	76
3	63	73
4	60	71

Required: Calculate and interpret your results for each project, using these investment appraisal methods below:

(i) Payback

(ii) NPV

(iii) IRR

(iv) ARR