2 3 Suppose your firm is evaluating four potential new investments. You calculate that these projects, W, X, Y, and Z, have the NPV and IRR figures given below: Project W: NPV = $700 IRR = 18% Project X: NPV = $4,000 IRR = 15% Project Y: NPV = -$500 IRR = 10% Project Z: NPV = $6,000 IRR = 12% a) Which project(s) should be accepted if they are independent? Clearly explain your reasoning. b) Which project(s) should be accepted if they are mutually exclusive? Clearly explain your reasoning.