Making an investment decision between two projects The Green tree Company Ltd has two independent projects in which it could invest. The financial operations manager has completed some analysis and has presented the information to the board. The board has asked you for advice. The entity's cost of capital is 15 per cent. Investment required ($000) Life of project (years) Payback period (years) IRR (%) a. Are both projects acceptable to the entity? b. C. Project 23 Project 24 200 400 10 15 7 11 14.1 15.5 If the entity had a history of conservatism in its financial decision making, which project would you advise? Which project would you advise, after taking only these decision-support tools into consideration? Why?