23.

A. 0.94

B. 1.0

C. 0.88

D. 0.98

E. 1.2

20. A. Accept project A

B. Accept project B

C. Accept both project A and B

D. Reject both project A and B

E. Additional information is needed

You hold a $500,000 portfolio consisting of the following stocks: Gven the following information Assuming that Projects A and B are independent, what would be the correct decision using the payback decision rule if the payback cutoff period is 3 years