8.36 Comparing Investment Criteria [LO1, LO2, LO3, LO5, LO7] Consider the followina two mutuallv exclusive broiects: Whichever project you choose, if any, you require a 15 per cent return on your investment. (a) If you apply the payback criterion, which investment will you choose? Why? (b) If you apply the discounted payback criterion, which investment will you choose? Why? (c) If you apply the NPV criterion, which investment will you choose? Why? (d) If you apply the IRR criterion, which investment will you choose? Why? (e) If you apply the profitability index criterion, which investment will you choose? Why? (f) Based on your answers in (a)-(e), which project will you finally choose? Why