Two mutually exclusive projects produce the same positive NPV at a discount rate of 11.34 percent. Both projects have 4-year lives. Project A has larger cash flows than Project B in the first two years. Given this information, you know that: Multiple Choice

a)it makes no difference which project you accept as long as the discount rate does not exceed 11.34 percent.

b)Project A should always be preferred.

c) one project will be preferred at rates less than 11.34 percent and the other will be preferred at higher rates.

d) Project B must require a smaller investment than Project A at Time 0.

e) Project B should only be accepted if the discount rate is 11.34 percent.