22-23. Project S has a cost of $10,000 and is expected to produce benefits (cash flow) of $3,000 per year for 5 years. Project L costs $25,000 and is expected to produce cash flow of $7,400 per year for 5 years. Calculate the two projects' NPV, IRR, and MIRR, assuming a cost of capital of 12%. 22. Net present value: A NPV (S) -614.3 NPV (L) = 1,375.3 B. NPV (S) - 714.3 NPV (L) -1,475.3 CNPV (S) -804.3 NPV (L) - 1,575.3 D. NPV (S) = 814.3 NPV (L) - 1,675.3 E NPV (S) - 1.014 NPV (L) -1,775.3 23. Internal rate of return (IRR): A. IRR(S) = 15.24 IRR (L) = 14.67% 5 B. IRR (S) - 13.24 IRR (L) = 13.67% C. IRR (S) - 14.24 IRR(L) = 15.67% D. IRR (S) - 16.24 IRR(L) = 12.67% E. IRR (S) - 10.24 IRR (L) = 10.67%