a$.$ Calculate the NPV for each project over its life. Rank the projects in descending order on the basis of NPV$.$

b$.$Use the annualized net present value $($ANPV$)$ approach to evaluate and rank th projects in descending order on the basis of ANPV.

c$.$ Why is ANPV is preferred over NPV when ranking the projects? Compare and contrast your findings in parts a and $b.$ Which project would you recommend that the firm purchase? Why?