The cash flows for two projects, A and B, are shown in the table below. Notice that Project A has a life of 3 years and Project B has a 2-year life. Use the replacement chain approach to calculate the NPV of each project over a common life-span. What is the NPV of the Project A chain minus the NPV of the Project B chain? Assume that the cost of capital is 8%. Project CFS Project CFS Time A B 0 -150 -104 1 66 66 2 66 66 3 66 0 NPV $20.09 $13.70 a. $0.49 b.$0.45 O c. $0.47 d. $0.50 e. $0.52 Income Statement Revenue 600,000 Cost of Goods Sold 250,000 SG&A 190,000 Depreciation 50,000 EBIT 110,000 Interest 27,000 Income Before Taxes 83,000 Taxes. 24,900 Net Income 58,100 Mike Mulligan's income statement for the current year is shown in the table above. Over the same year, Mike built up his inventory by $10,000, increased his payables by $2,000, and bought a new shovel for $25,000. What is free cash flow for Mulligan Excavations? a. $160,000 Ob. $102,000 c. $96,000 O d. $92,000 O e. $127,000