14 / 25 Qu 5 Your company is evaluating two mutually exclusive projects - Project L and Project S. Year 0 1 2 3 4 IRR Cash Flows L -$10,000 200 500 8,200 4,800 10.12% Cash Flows S -$10,000 5,000 6,000 500 500 11.46% Required: If the required rate of return is 7% p.a. determine with reasons which project should be accepted on the basis of: IRR (b) Payback Period (c) NPV