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Transcription of this question: 4.(a)(b)(c)Define the following terms:(i) tertiary sector (line 2)(ii) workforce planning (line 91).Using relevant information from below:(i) calculate the payback period (without depreciation) for Kos Palouk’spurchase Of a new lorry (show all your working).(ii) calculate the average rate Of return (ARR) for Kos Palouk’s purchase Ofa new lorry (show all your working).(iii) comment on the results to your calculations from parts (i) and (ii).Advise General Diane Pierce whether the hospital or the university should bebuilt. Justify your recommendation.[2 marks][2 marks][2 marks][2 marks][4 marks][8 marks]

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