Matt is analyzing two mutually exclusive projects of similar size. Both projects have 5-year lives. Project A has a NPV of $18,389, a payback period of 2.38 years, an IRR of 15.9 percent, and a cost of capital of 13.6 percent. Project B has a NPV of $19,748, a payback period of 2.69 years, an IRR of 13.4 percent, and a cost of capital of 12.8 percent. Matt can afford to fund either project, but not both. He should accept:

	a.	Project B based on its NPV.
	b.	Project A because of its shorter payback period.
	c.	Project A because it has both the higher IRR and higher cost of capital.
	d.	Project A because of its IRR.
	e.	Project A because it is better than Project B for two of the three decision criteria.