3. [5] Consider two mutually exclusive project alternatives ("A" and "B"), for which projected free cash flow for the company (FCFF) is presented in the table, as well the indicated evaluation criteria. (EUR) Year 0 Year 1 Year 2 NPV IRR Project A -80 000 57 500 60 000 21 860 29,7% Project B -15 000 0 32 000 11 446 46,1% a) [2] Assuming that there are no capital restrictions and no other investment alternatives, besides these projects, and that the required minimum annual rate of return is 10%, would you recommend any of the investments? Why? b) [3] Calculate the Payback Period criterion for Project A. Explain in what circumstances the use of this criterion may be considered appropriate