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3. A rural council has an operating budget for roadway improvements of $4,000,000. There are currently eight projects able to be completed where each project has an initial cost and an estimated annual benefit based on improvements to travel time and reduction of accidents. Use a discount rate of 7% and a project lifetime of 25 years. Case 1: Use NPV to determine the project selection Case 2: Use the B/C ratio to determine the project selection Briefly comment on any differences in the project selection and why they occur Benefit Initial Cost Annual Project ($) ($) A 700,000 140,000 B 1,400,000 210,000 200,000 42,000 D 80,000 19,000 E 150,000 24,000 F 2,270,000 230,000 G 500,000 114,000 H 1,600,000 250,000