Apply the ConceptsSuppose that a company is considering two different and mutually exclusive projects $($A and B$),$ where both have a five$-$year life and require an investment of $$84,000.$ The cash flow patterns for each project are given below.Project A: Even cash flows of $$28,000$ per year.Project B: $$48,000,$ $$40,000,$ $$36,000,$ $$20,000,$ and $$12,000.$b$.$ Project C has the same payback as Project B but should be preferred over Project B for two reasons. First, Project C provides $$12,000$more for the years beyond the payback period than Project B$.$ Second, Project C returns $$66,000$in the first year, while Project B returns only$18,000$that Project B returns in the first year could be put to productive use, such as investing in another$48,000.$ The extra $project. The payback period thus ignoresV tie time value of money.