A company has a choice between two mutually exclusive projects, A and B. Project A lasts for eleven years and Project B lasts for only seven years. The table below contains information about the projects: Initial Cost (t = 0) Maintenance Costs (annual) Benefits (annual) Salvage Value Useful Life Project A $45,000 4,000 17,000 4,500 11 Years Project B $67,500 2,250 21,750 9,000 7 Years The company's Minimum Acceptable Rate of Return (MARR), also known as its cost of capital, is 15%. Required: (Ignore income taxes) 1. Calculate the Net Present Value (NPV) of each project assuming that it will NOT be replaced at the end of its useful life. 2. If Project A were replaced with an identical Project A at times 11, 22, 33, 44, 55, and 66, this would be the equivalent of receiving the NPV of Project A calculated in Part 1 above at times 0, 11, 22, 33, 44, 55, 66. What single discount rate would you use to find the Present Value (PV) of these seven payments, and what is the NPV of these seven amounts? 3. If Project B were replaced with an identical Project B at times 7, 14, 21, 28, 35, 42, 49, 56, 63 and 70, this would be the equivalent of receiving the NPV of Project B calculated in Part 1 above at times 0, 7, 14, 21, 28, 35, 42, 49, 56, 63 and 70. What single discount rate would you use to find the Present Value (PV) of these eleven payments, and what is the NPV of these eleven amounts