No Excel Comparing Investment Criteria Consider the following cash flows of two mutually

exclusive projects for Tokyo Rubber Company. Assume the discount rate for both proj$-$

ects is $8$ percent.

a$.$ Based on the payback period, which project should be taken?

b$.$ Based on the NPV$,$ which project should be taken?

c$.$ Based on the IRR, which project should be taken?

d$.$ Based on this analysis, is incremental IRR analysis necessary? If yes, please conduct

the analysis.