You are trying to evaluate two independent projects. Both projects have the same initial outlay. Project Adam has an NPV of $4,392.15, an IRR of 11.33%, and an EAA of $1,158.64. Project Eve has an NPV of $5,833.73, an IRR of 9.88%, and an EAA of $1,093.50. The cost of capital for both projects is 9%, the projects have different lives, and the projects are repeatable. What should you do?

a. You should do neither project because neither of them would add value to your company.

b. You should do Project Adam because it has a higher EAA.

c. You should do Project Eve because it has a higher NPV.

d. You should do both projects because both have positive NPVs.

e. You should do Project Adam because it has a higher IRR.