111s projects provide a necessary service1 so whichever one is selected is expected to be repeated into the foreseeable future. Both projects have a 10% cost of capital. (1} What is each project's initial NP'v' without replication? {2} What is each project's equivalent annual annuity? (3) Appty the replacement chain approach to determine the projects' extended NPVs. Which project should be chosen? {4) Assume that the cost to replicate Project T in 2 years will increase to$1t15, due to inflation. How should the analysis be handled now, and which project should be chosen? Problem is solved entirely in the spreadsheet