The weighted average cost of capital of Company Summer is 4%. The company is considering two mutually exclusive projects, Project A and Project B. Project life and NPV of two projects are as follows:

Project	Life	NPV
Project A	3 years	$30 million
Project B	2 years	$26 million

The capital budget of the company is limited by capital. No matter which project is chosen, it will be replaced repeatedly when it wears out. Using Equivalent Annual Annuity approach, evaluate to determine which project should be chosen.