Growth Enterprises, Inc. (GEI) has $40 million that it can invest in any or all of the four capital investment projects, which have cash flows as shown in Table A below.Type ofProjectType of Cash FlowYear 0Year 1Year 2Year 3AInvestment-10.000Revenue21.000Operationg Expenses11.000 BInvestment-10.000Revenue15.00017.000Operationg Expenses5.8337.833CInvestment-10.000Revenue10.00011.00030.000Operationg Expenses5.5554.88915.555DInvestment-10.000Revenue30.00010.0005.000Operationg Expenses15.5555.5552.222Each of the projets is considered to be of equivalent risk. The investment will be depreciated to zero on a straight-line basis for tax purpose.GEI's marginal corporate tax rate on taxable income is 40%. None of the projects will have any salvage value at the end of their respect lives.For purposes of analysis, it should be assumend that all cash flows occur at the end of the yeat in question.ARank GEI's four projects according to the following four commonly used capital budget criteria:1) Payback period2) Accounting return on investment. For purposes of this exercies, the accounting return onn investment should be defined as follows:Average annual after-tax profits(required investment)/23) Internal rate of Return4) Net Presenst value, assuming alternately a 10% discount rate and a 35% discount rateBWhy do the ranking differ? What does each technique measure and what assumptions does it make?CIf the projects are independent of each other, which should be accepted? If they are mutally exclusive (i.e one and only one can be accepted), which one is the best?