3. Suppose that: there is no tax; all debts are risk-free; risk-free interest rate-5%; market return-10%. (a) Calculate the NPV and IRR of the following projects. Project A: requires an investment of 825 today and is expected to generate $1,000 at t-1; a comparison firm of it has equity beta 1.28 and debt-to-equity ratio 0.6. Project B: requires an investment of 800 today and is expected to generate $1,000 at t-1; a comparison firm of it has dividend yield 4%, earning growth rate 10% (based on analysts' forecast) and debt-to-equity ratio 0.2. (b) If project A and B in (a) are mutually exclusive, which project(s) should be taken?