11. Consider the following mutually exclusive projects with equal lives: Project Payback Period 3.2 years 2.7 years 4.1 years 5.6 years IRR 18% 22% 23% 16% PI 1.50 1.72 1.90 1.32 NPV $ 10,000 $ 37,000 $ 70,000 $150,000 oo Assuming that the appropriate Risk-free rate is 5%, market return is 12% and the beta of the company financing these projects is 1.6. First determine the appropriate discount rate and decide which project(s). would you choose? [5marks]