Company ABC is a producer. Its CFO will choose one project from two proposals. Project A lasts for $4$ years and its initial investment is $5$ million. In contrast, Project B lasts only for $2$ years and its initial investment is $2$ million. All equipment will be depreciated in a straight line down to zero. The cost of capital is $15\%.$ The tax rate is $20\%.$ The cash flows of these two projects are illustrated in the following table.

$\backslash$table$[[$Million $f,,,,],[$Year$,1,2,3,4],[$A$,3,3,2,1],[$B$,2\mathrm{.}5,1,,]]$

REQUIRED:

$1.$Assume each project can only be carried out once. If the CFO mainly cares about the equivalent annual benefit of a project, which project should be chosen?

$2.$Assume Project B can be repeated in the end of the second year and the CFO is considering a plan for next four years. Based on the NPV rule, which project should be chosen?

$3.$Latest information indicates that the equipment in Project B can actually be sold at $0\mathrm{.}5$ million in the end of its usage $($rather than zero as initially assumed$).$ The salvage value of Project A remains zero. Based on the new information, please re$-$consider the project selection using the NPV rule as in Step $2.($The required return is $15\%,$not $14\%,$ expert use wrong$)$