Projects #1 and #2 are mutually exclusive. They each require $78,000 as the initial investment. The annual cash flows for project #1 are $28,300, $31,500, and $42,300 for years 1, 2, and 3, respectively. For project #2 those are $26,900, $30,500, and $44,900 for the respective years. Calculate the crossover rate.

Multiple Choice Q 9.17 percent Q 14.32 percent Q 3.33 percent Q 15.20 percent Q 5.16 percent