12-12 Risk-adjusted rates of return using CAPMCentennial Catering, Inc., is considering two mutually exclusive investments. The company wishes to use a CAPM-type risk-adjusted discount rate (RADR) in its analysis. Centennial's managers believe that the appropriate market rate of return is 11.6%, and they observe that the current risk-free rate of return is 6.6%. Cash flows associated with the two projects are shown in the following table.

Please provide Excel Calculations/formula's used if possible. Thank you

Initial investment (CF) Year (t) Project X Project Y $68,000 $82,000 Cash inflows (CFt) $34,000 $17,000 34,000 32,000 34,000 35,000 34,000 48,000 1 2 3 4 a. Use a risk-adjusted discount rate approach to calculate the net present value of each project, given that project X has an RADR factor of 1.25 and project Y has an RADR factor of 1.37. The RADR factors are similar to project betas. (Hint: Use the following equation to calculate the required project return for each: r=Rp+bx ("m - RF).) b. Discuss your findings in part (a), and recommend the preferred project. a. The risk-adjusted discount rate for project X will be [%. (Round to two decimal places.)