Project a Costs $17,500, Has a 4 Year Life and Incurs

Project A costs $17,500, has a 4 year life and incurs $1,500 in costs. Project B costs $20,000, has a 5 year life and incurs $2,000 in costs. Given the company's rate of return is 12%, calculate the equivalent annual cost of each project.

A) Project A $3,088; Project B $3,290
B) Project A $4,220; Project B $4,511
C) Project A $5,958; Project B $5,776
D) Project A $6,788; Project B $6,870
E) Project A $7,262; Project B $7,178