3) Consider the following two mutually exclusive projects (LO4,LO5): Year Cash Flow (A) 0 1 2 3 -$ 54,000 12,700 23,200 27,600 46,500 Cash Flow (B) -$ 23,000 11,600 11,200 12,500 6,000 You require a rate of return of 14 percent on your investment. a) If you apply the NPV criterion, which project would you choose? b) If you apply the IRR criterion, which project would you choose?