15) Fitch Industries is in the process of choosing the better of two mutually exclusive capital expenditure projects, M and N. The cash flows for each project are shown in the following table. The firm's cost of capital is 9%. Project M Project N Initial Investment (CFo -- $40.000 --$40.000 Year (t) Cash Flows (CFt) 1 $14,000 $23,000 2 $14,000 $12,000 3 $14,000 $10,000 4 $14,000 $ 9,000 Calculate each project's payback period. Calculate the net present value (NPV) for each project. Calculate the internal rate of return (IRR) for each project. Summarize the preferences dictated by each measure you calculated, and indicate which project you would recommend. Explain Why. e. Draw the NPV profiles for these projects in the same set of axes, and explain the circumstances under which a conflict in rankings might exist. o ow