Consider two projects, T and F, which are mutually exclusive, have unequal lives, and are repeatable. Their cash flows are depicted in the table below: Project Year O Year 1 Year 2 Year 3 Year 4 T -$95 million $55 million $55 million F -$95 million $30 million $30 million $30 million $30 million Assuming a WACC of 9.5%, use the equivalent annuity approach (EAA) to compare the projects and pick the better choice, given repetition. Project F is better as its EAA is higher by $274,923 Project T is better as its EAA is higher by $35,520 Project T is better as its EAA is higher by $274,923 Project T is better as its NPV is higher by $35,520 Project F is better as its NPV is higher by $35,520