26. The Perez Company has the opportunity to invest in one of two mutually exclusive projects. Project A costs $11 million but realizes after-tax cash flows of $5 million per year for 4 years. After 4 years, assume that the project can be repeated. Project B costs $13 million and realizes after-tax cash flows of $3.9 million per year for 9 years, after which it can also be repeated. If the cost of capital is 12 percent, which project should the company take? Hint: Think of equivalent annual annuity