Tangshan Mining Company is considering investment in one of two mutually exclusive projects M and N which are described below. Tangshan Mining's overall cost of capital is 15 percent, the expected market return is 15 percent, and the risk-free rate is 5 percent. Tangshan estimates that the beta for project M is 120 and the beta for project N is 1.40 Initial Investment Year 1 2 Project M Project N $700,000 $780,000 Cash Inflows (CF $300,000 $220,000 300,000 320,000 300,000 380,000 300,000 460,000 3 Which project would be preferable if both projects' betas were equal to 1.0? (See Table 12.3) O A. Project M because it has a higher IRR O B. Project M because it has a higher NPV O C. Project N because it has a higher NPV OD. Project N because it has a higher IRR