Consider the following two mutually exclusive projects: Year 0: Project A $54,000: Project B $23,000 Year 1: Project A $12,700; Project B $11,600 Year 2: Project A $23,200: Project B $11.200 Year 3: Project A $46,500; Project B $6,000 Whichever project you choose you require a rate of return of 14 percent on your investment. If you apply the payback criterion, you will choose Project if you apply the NPV criterion, you will choose Projectif you apply the IRR criterionh, you will choose Project OAB: OAB: 8 OAAB OB:A: B OBAB