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Question 3 20 Marks FMCG company finds that its brand of laundrydetergent is losing market share, so it decides to “frozen” theproduct. One strategy is to maintain the current detergent formulabut repackage the product. The other strategy involves a completereformulation of the product in a way that will appeal toenvironmentally conscious consumers. The company pursue onestrategy or the other but not both. Cash flow flows from eachproposal appear below, but the company discounts each cash flows at13%.Year Repackage Reformulate0 -3,000,000.00 -25,000,000.001 200,000,000.00 10,000,000.002 1,250,000.00 9,000,000.003 500,000.00 7,000,000.004 250,000.00 4,000,000.005 250,000.00 3,500,000.00Required:3.1.Rank these investments based on their NPVs.3.2.Rank these investments based on their IRRs.3.3.Rank these investments based on their PIs.3.4.Draw NPV profiles for the two projects on the same set of axesand discuss these profiles.3.5.Do these investment rankings yield mixed signals?3.6.Calculate the IRR of the incremental project. Reconcile youranswer to this question with thosefrom parts (3.1) and (3.2).