TCM is considering two mutually exclusive projects. TCM has a 9% cost of capital and follows the straight-line method of depreciation. The following is the estimated earnings after tax shown below: Initial investment ($) Project A 650,000 Project B 440,000 Year 1 2 3 4 Earnings after Tax ($) 120,000 200,000 170,000 170,000 220,000 150,000 250,000 50,000 180,000 30,000 90,000 15,000 90,000 15,000 25,000 3,000 6 7 8 a. Calculate the Net Present Value, Payback period and Profitability Index of each project. b. Rank and assess acceptance of each project based on your findings in a. Note: Refer to the present value table for present value interest factor figures