A firm with a $14\%$ WACC is evaluating two projects for this year's capital budget. After$-$tax cash flows, including depreciation, are as follows:

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Project M $-$$$6,000$ $$2,000$ $$2,000$ $$2,000$ $$2,000$ $$2,000$

Project N $-$$$18,000$ $$5,600$ $$5,600$ $$5,600$ $$5,600$ $$5,600$

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

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

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If the projects are mutually exclusive, which would you recommend?

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Notice that the projects have the same cash flow timing pattern. Why is there a conflict between NPV and IRR?

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