A firm with a 14% WACC is evaluating two Projects for this year's capital budget. After Tax cash flows, including deprecation, are as follows:

0_________________1________________2_______________3_______________4______________5____

object-M-$30,000 $10,000 $10,000 $10,000 $10,000 $10,000

object-N-$90,000 $28,000 $28,000 $28,000 $28,000 $28,000

A: Calculate NPV, IRR, MIRR, Payback and discounted payback for each project,

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

Capital Budgeting criteria: Ethical considerations.