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Question 4 a) Your firm is trying to decide between two different projects. Your boss has asked you to use the MIRR criteria at the cost of capital of 13%. Which of these projects will you choose? (7 points) Project A Project B Year -$100,000 -$75,000 $125,000 $15,000 $100,000 $50,000 $75,000 $75,000 $50,000 $100,000 $15,000 $150,000 b) The Reynold Company is considering adding a robotic paint sprayer to its production line. The spraver's base price is $1.200,000, and it would cost another $18,500 to install it. The machine falls into the MACRS 3-year class, and it would be sold after 3 years for $770,000. The MACRS rates for the first 3 years are 0.3333, 0.4445, and 0.1481. The machine would require an increase in net working capital (inventory) of $19,500. The sprayer would not change revenues, but it is expected to save the firm $420,000 per year in before-tax operating costs, mainly labor Campbell's marginal tax rate is 28%. Find the initial investment outlay, the annual depreciation, the yearly operating cash flow, the terminal cash flow, and decide whether the firm should accept the project. (8 points)