Write a formal report for BEC plc’s managers which will enable them to assess the potential success of the proposed project from a financial and macroeconomic point of view, and to evaluate its impact on the economy, society and the environment. Your report should be suitable for a general non-expert audience and should show how economistswould approach the investment decision and should explain the reasoning behind this approach.A – Explain the meaning of the time value of money. Explain and compare two time-based andtwo non-time-based investment appraisal techniques which may be used when assessingthe financial viability of the conversion project. Illustrate these techniques by providingsimple numerical examples, in line with the following instructions• Create two sets of simple figures to represent the cash inflows and cash outflows ontwo alternative building conversion projects of differing sizes;• Use these figures to calculate the results of two time-based and two non-time-basedinvestment appraisal techniques;• Draw up and present a table of the results of your calculations;• Explain your results and indicate which of the two options would be the morefavourable;• Show your calculations in an Appendix to the Report. (approximately 600 words)B. Analyse the main macroeconomic factors which may affect the financial success of theconversion project. You should support your answer by referring to relevant economictheories and to current economic data in your chosen country and city. Examples couldinclude conditions in the residential and commercial property markets, the current inflationand unemployment rates, interest rates and any other relevant variables.(approximately 700 words)C. Analyse and evaluate the potential effects of the conversion project on the economy andenvironment of the city and on the social welfare of the local population, supporting youranswer with reference to relevant theories and current data.