A company is considering three capital budgeting projects. Data relative to each is given below. Each project has a life of 6 years. The company uses the Net Present Value (NPV) method to evaluate capital budgeting projects and its discount rate is 8.25%. 1. If the projects are mutually exclusive, wrich, if any, should the company accept? Why? 2. If the projects are independent, which, if any, should the company accept? Why? 3. One of the company's managers states "To me, no matter what else we do, Project B needs to be our first choice because it has highest cash flows per year." Comment on this manager's proposal, considering the concepts of NPV and Payback Method