b) Garage, Inc., has identified the following two mutually exclusive projects: Cash Flow (A) 43,500 initial outlay 21,400 18,500 13,800 7,600 Year Cash Flow (B) 43,500 initial outlay 6,400 14,700 22,800 25,200 0. 3 4 i) If the required rate of return is 11 percent, what is the NPV for each of these projects? Which project will the company choose if it applies the NPV decision rule? ii) What is the IRR for each of these projects? Using the IRR decision rule, which project should the company accept? If there is a conflict between the decisions criteria, which project would you choose and why? iii) 2. a) What is the payback period for the following set of cash flows? Cash Flow ($) Year 7,600 initial outlay 1,900 2,900 2,300 1,700 0. 1 4