Project	Initial Investment	NPV	IRR
A	$100,000	$50,000	.13
B	$1,000,000	$245,000	.09
C	$800,000	$100,00	.14
D	$2,000,000	$750,000	.11
E	$600,000	$-75,000	.02

The discount rate used by the watershed district on its projects is 3.5%.

You have developed a sixth alternative (project F). The investment requirement for this project is the same as A ($100,000), its NPV is $90,000, and its IRR is 8%. Your manager informs you that you are only allowed to invest in project A or F (not both), which have project lives of 5 and 15 years, respectively. Neither project is divisible, but you are allowed to reinvest in project A more than once (i.e., the ARR reinvestment rate).

Your answer includes two parts. First part: What project should you invest in? Second part: How many times should you invest in the project? So you should select two answers from the choices below.