5 Year Cash Flow (A) Cash Flow (B) 0 -175 000 -20,000 1 10,000 10,000 2 25,000 5,000 3 25,000 3,000 4 375,000 1,000 The required return is 15%. a.) If you apply the payback criterion, which investment will you choose? Why? b.) If you apply the NPV criterion, which investment will you choose? Why? (Calculator & Spreadsheet) c.) If you apply the IRR criterion, which investment will you choose? Why? (Calculator & Spreadsheet) If you apply the PI criterion, which investment will you choose? Why? (Calculator & Spreadsheet) I Based on your answers in (a) through (d), which project will you finally choose? Why? f.) If WACC is 12%, calculate MIRR. Which investment will you choose? Why