the 3) Empire Manufacturing is considering two mutually exclusive projects with following cash flows. Empire's cost of capital is 10 percent. Year Project A Project B 0 (485,000) (485,000) 1 0 155,000 2 0 152,000 3 0 131,000 4 0 110,000 5 0 108,000 6 1,000,000 98,500 a) Compute the NPV, IRR and Payback Period for each project. Assuming the projects were mutually exclusive: b) If the payback criterion was four years, which project would be chosen? c) If the hurdle rate was 13% which project would be chosen based on IRR? d) Which project would be chosen if NPV was the decision method? Assuming the projects were independent: e) If the payback criterion was four years, which project would be chosen? f) If the hurdle rate was 13% which project would be chosen based on IRR? g) Which project would be chosen based on NPV