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Electronic Innovations Limited is considering two separateprojects A and B. The cash flow projections for each year are asfollows:YEARS01234PROJECT A-$62,00028,00024,80029,60020,800PROJECT B-$120,00048,00047,00046,00045,000The required return is 12% for both projects and they aremutually exclusive projects.a. Calculate the payback periods. Which project would you chooseif you apply the payback period criterion?b. What is the profitability index (PI) for each project andwhich project would you choose based on PI?c. What is the NPV for each project and which project would youchoose based on NPV?d. If the internal rates of return (IRR) were 25% for project Aand 20% for project B, which project would you choose based solelyon IRR and why?e. Based on your answers for (a) through to (d), which projectwould you finally choose and why?