All techniques, conflicting rankings Nicholson Roofing Materials, Inc., is consid- ering two mutually exclusive projects, each with an initial investment of $150,000. The company's board of directors has set a maximum 4-year payback requirement and has set its cost of capital at 9%. The cash inflows associated with the two projects are shown in the following table. Year 1 Cash inflows (CF) Project A Project B $45,000 $75,000 45,000 60,000 45,000 30,000 45,000 30,000 45,000 30,000 45,000 30,000 2 3 4 o 5 6 a. Calculate the payback period for each project. b. Calculate the NPV of each project at 0%. c. Calculate the NPV of each project at 9%. d. Derive the IRR of each project: e. Rank the projects by each of the techniques used. Make and justify a recommen- dation