Question: A construction company is bidding for two projects, Project S and Project T. Project S requires an investment of $1 million and is expected to

A construction company is bidding for two projects, Project S and Project T. Project S requires an investment of $1 million and is expected to generate annual profits of $180,000 for 5 years. Project T requires an investment of $1.2 million and is expected to generate annual profits of $220,000 for 7 years. If the company's required rate of return is 22%, which project should it choose based on the Net Present Value (NPV) criterion?

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