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:

Pri

Pri

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

Project $M,$$

Project $N$

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

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

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

Project $M$ years

Project $N$ years

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

Project $M$ years

Project $N$ years

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

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

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

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