11-7 CAPITAL BUDGETING CRITERIA A firm with a 14% WACC is evaluating two projects for this year's capital budget. After-tax cash flows, including depreciation, are as follows: 3 0 1 2 5 Project M -$30,000 $10,000 Project N -$90,000 $28,000 $10,000 $10,000 $10,000 $10,000 $28,000 $28,000 $28,000 $28,000 a. Calculate NPV, IRR, MIRR, payback, and discounted payback for each project. b. Assuming the projects are independent, which one(s) would you recommend? ght 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203 Leaning All Rights Reserved. May not be copied scador duplicated in whole or in part. Due to congestiny may be suppressed from the cook and Chapters ting in Long-Term Assets: Capital Budgeting c. If the projects are mutually exclusive, which would you recommend? d. Notice that the projects have the same cash flow timing pattern. Why is there a conflict between NPV and IRR?