Assume that your company has to choose between the following programs in order to upgrade its fleet :

Program A Program B Initial Cost 20 (millions) 12 (milions) Yearly Fuel 4 (millions) 5 (millions) Yearly insurance 1 (million) 2 (millions) Lifetime 3 years 4 years

Both programs produce the same income and benefits. Also, the opportunity cost of capital is 4%. Based on the chained method, which program you would choose.