A division of T. Jefferson, Inc. (TJ) is considering two investment projects, each of which requires an up-front expenditure of $34 million. The projects are independent. Your estimate of the net cash flows for each project are as shown: Year 1 2 3 Project A $7,000,000 12,000,000 22,000,000 Project B 22,000,000 12,000,000 8,000,000 C. Assume TJ's cost of capital is 10% and there is no capital rationing (i.e., no limit on total capital spending). Should TJ accept Project A, Project B or both projects? Why? d. Calculate the payback period for each project. e. If TJ has a policy of only accepting projects with a 2-year or less payback period, what would be the accept/reject decision for each project based on payback period