You are considering two independent projects, project A and project B. The initial cash outlay associated with project A is $50,000, and the initial cash outlay as-sociated with project B is $70,000. The required rate of return on both projects is 12 percent. The expected annual free cash inflows from each project are as follows: Initial Outlay Intlow Year 1 Inflow Year 2 Intlow Year 3 Inflow Year + Inflow Year 5 inflow Year 6 Project A -$50,000 12,000 12,000 12,000 12,000 12,000 12,000 Project B -$70,000 13,000 13,000 13,000 13,000 13,000 13,000 Calculate the NPV, PI, and IRR for each project and indicate if the project should be accepted. Solution