Consider the following two projects A and B. Assume that the appropriate discount rate for each project is 20%.

Year	CF for Project A	CF for Project B
0 1 2 3	- $100 50 150 500	- $2,500 1,500 2,000 2,500

(3) If projects A and B are independent projects, which project(s) should you accept based on your best capital budgeting criteria? Please explain your rationale.

(4) If projects A and B are mutually exclusive projects, which project(s) should you accept based on your best capital budgeting criteria? Please explain your rationale.