Two machines, A and B, which perform the same functions, have the following costs and lives. Type Machine A Machine B PV Costs $6,000 $8,000 Life 5 yr 7 yr Which machine would you choose? The two machines are mutually exclusive and the cost of capital is 4 percent. Machine A, because it has lower PV costs Machine A, because the EAC is $1,348 Machine B, because it has longer life Machine B, because the EAC is $1,333 If the cash flows for Project M are CO = -1,000; C1 = +200; C2 = +700; and C3 = +698, calculate the IRR for the project. 21 percent 23 percent 27.7 percent 13.4 percent