A firm with a $13\%$ WACC is evaluating two projects for this year's capital budget. After$-$tax cash flows, including depreciation, are as follows:

Project $M$

Project $N$

a$.$ Calculate NPV for each project. Do not round intermediate calculations. Round your answers to the nearest cent.

Project $M$:$

Project N: $

Calculate IRR for each project. Do not round intermediate calculations. Round your answers to two decimal places.

Project $M$ :

$\%$

Project $N$ : $\%$

Calculate MIRR for each project. Do not round intermediate calculations. Round your answers to two decimal places.

Project M: $\%$

Project $N$ : $\%$

Calculate payback for each project. Do not round intermediate calculations. Round your answers to two decimal places.

Project $M$ : years

Project $N$ : years

Calculate discounted payback for each project. Do not round intermediate calculations. Round your answers to two decimal places.

Project $M$ : years

Project $N$ : years

b$.$ Assuming the projects are independent, which one$($s$)$ would you recommend?

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?