3.2 Acme Industries is considering two mutually exclusive projects that have the cash flow shown. Use a present worth analysis to determine which should be selected at an interest rate of 10% per year (5-points) Project P Project First cost, $ 55,000 95,000 Annual operating cost, $/year 9,000 5,000 year 1, increasing by $100 per year Salvage value, $ None 4,000 Life, years