Consider the following two mutually exclusive projects:
Year	Cash Flow (A)	Cash Flow (B)
0	-54000	-23000
1	12700	11600
2	23200	11200
3	27600	12500
4	46500	6000
Whichever project you choose, if any, you require a 14 percent return on your investment. If you apply the payback criterion, you will choose Project ______; if you apply the NPV criterion, you will choose Project ______; if you apply the IRR criterion, you will choose Project _____; if you choose the profitability index criterion, you will choose Project ___. Based on your first four answers, which project will you finally choose?
A; A; B; B; B
A; B; A; A; B
B; A; B; B; A
B; A; B; A; A
A; A; B; B; A