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?

• You should do Project Eve because it has a higher NPV.
• You should do Project Adam because it has a higher EAA.
• You should do Project Adam because it has a higher IRR.
• You should do both projects because both have positive NPVs.
• You should do neither project because neither of them would add value to your company.