Suppose you are tasked with finding the net present value for two projects aimed at providing outdoor recreation spaces. The government will undertake only one project, the project with the highest positive NPV. Assume the discount rate is 3.5%. Project A: involves building a connected series of paths (for biking and walking) throughout the city. The paths are expected to last about 10 years. The paths cost $275,000 to construct at t=0, and yield annual benefits of $50,000 in years 1 through 10. Project B: involves building building four new parks around the city. This project has an expected lifespan of about 5 years. The project's start-up costs of $350,000 occur at t=0. The project is expected to yield annual benefits of $100,000 in years 1 through 5. (a) Calculate the net present value for one cycle of each project. Which project would you recommend based on this analysis? (b) The two projects do not have the same time frame. (i) Use the replication method to address this issue. Briefly discuss your results. Does your recommendation on which project to proceed with change? (ii) Show how you would use the equivalent annual net benefit method to address this issue. (c) In preparing your report for local government officials, your boss wants you to use the benefit cost ratio for both projects in the final report rather than the net present value. Briefly outline the strengths and weaknesses of relying on the benefit cost ratios to make a project recommendation. Describe what adjustments, if any, are needed to address any weaknesses you have identified. (NOTE: No calculations actually have to be undertaken here)