A firm with a 10% WACC is evaluating two projects for this years capital budget. After-tax cash flows are as follows:

	0	1	2	3	4	5
Project A	-$7,000	2,500	3,500	4,000	4,500	5,500
Project B	-$19,000	7,600	6,600	8,000	7,200	8,000

1. Calculate Net Present Value (NPV) for both projects. (4 points)

2. Calculate IRR for both projects. (4 points)

3. Calculate MIRR for both projects (assuming a reinvestment rate of 10%). (8 points)

4. Calculate regular (not discounted) payback period for both projects. (4 points)

5. If the projects are mutually exclusive, which would you recommend and why? (6 points)