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 0	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 replacement chain approach (RCA) to compare the projects and pick the betterchoice, given repetition. Note that the investment in project T rises by 1% when repeated, but the other cash flows stay the same.

Group of answer choices

Project T is better as its NPV is higher by $35,520

Project F is better as its NPV is higher by $35,520

Project T is better without repetition, but project F is better with repetition

Project T is better as its NPV is higher by $88.676

Project F is better as its NPV is higher by $88,676