Cleves Company is considering two projects. Initial investment Annual cash flows Life of the project Project X $500,000 $88,500 10 years Project Y $100,000 $34,320 4 years Cleves requires a minimum rate ofreturn of 8%. SHOW ALL WORKLEGIBLYAND IN GOOD FORM. A. What is the accounting rate of return for each project? B. What is the net present value for each project? C. What is the internal rate of return for each project? D. What is the payback for each project? E. Which project should be chosen? Explain your reasoning