The Meacham Tire Company is considering two mutually exclusive projects with useful lives of 3 and 6 years.The after-tax cash flows for projects S and L are listed below. 
The required rate of return on these projects is 14 percent.What decision should be made? As part of your answer,calculate the NPV assuming a replacement chain for Project S,and also calculate the equivalent annual annuity for each project.
Definitions:
Special-Interest Effect
The phenomenon where policy decisions are influenced or shaped by the lobbying efforts of a small, focused group, often at the expense of the general public.
Political Parties
Organizations that seek to attain and maintain political power within a government, typically by participating in electoral campaigns, educational outreach, or protest actions.
Paired-Choice Majority Votes
A voting system in which options are matched in pairs and voted upon, with the winner of each pair moving on to compete in subsequent rounds.
Marginal Benefits
The incremental value or satisfaction derived from the use of one more unit of a good or service.
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