You are considering two independent projects with the following cash flows. The required return for both projects is 12%. Year 0 1 Project A Project B -$675,000-$160,000 297,000 75,000 389,000 75,000 184,000 85,000 2 3 Required: ( 7 Marks) a. If you apply the payback period criterion, which project will you choose? Why? (1.5 Marks) b. If you apply the NPV criterion, which project will you choose? Why? (1.5 Marks] If you apply the IRR criterion, which project will you choose? Why? (1.5 Marks) d. If you apply the Profitability Index criterion, which project will you choose? Why? [1.5 Marks) Based on your answers in (a) through (d), which project will you finally choose? Why? [1 c. e