As director of capital budgeting, you have two projects to consider, Project X and Y. Each project has a cost of $10,000, and the cost of capital is 12 %. The projects expected net cash flows are as follow: Year Project X Project Y 0 -$10,000 -$10,000 1 8,500 4,500 2 3,000 4,500 3 3,000 4,500 4 2,000 4,500 1. Estimate each projects payback period, Net Present Value (NPV), Internal Rate of Return (IRR), Profitability Index (PI), and Modified Internal Rate of return (MIRR). (50 points) 2. Which project or projects should be accepted if they are independent? Why? (15 points) 3. Which project should be accepted if they are mutually exclusive? Why? (15 points) 4. Estimate the crossover rate of these two projects. If the cost of capital is 20 % and assuming X & Y are mutually exclusive, which project should be taken? (20 points)