Assume you're comparing two projects. Project S will last 4 years, and Project L will last 6 years. You have computed the NPV of Project S to be $19.9244 million and Project L to be $29.5039 million. Determine which project to accept by computing the equal annual annuity (EAA) for each. The discount rate for both projects is 6%.

Part one:

What is the EAA for Project S? (Round your answer to two decimal places.)

Part Two:

What is the EAA for Project L? (Round your answer to two decimal places.)

Part three:

Which project should be selected? Project L or Project S