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: 0 1 2 3 4 5 1 1 Project M -$21,000 $7,000 $7,000 $7,000 $7,000 $7,000 Project N -$ 63,000 $19,600 $19,600 $19,600 $19,600 $19,600 $ % % % 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. Project M Project N % Calculate MIRR for each project. Round your answers to two decimal places. Do not round your intermediate calculations. Project M Project N Calculate payback for each project. Round your answers to two decimal places. Do not round your intermediate calculations. Project M 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? -Select- C. If the projects are mutually exclusive, which would you recommend? -Select- d. Notice that the projects have the same cash flow timing pattern. Why is there a conflict between NPV and IRR? -Select- years