b). Project J has a cost of $22,000 and is expected to produce benefits (cash flows) of $7,000 per year for 4 years. Project K costs $70,000 and is expected to produce cash flows of $20,000 per year for 4 years, however in year 3, each project has a cash outflow of $5,000 for Project J and $7,000 for Project K. Calculate the two projects NPVs, IRRs, MIRRs and PIs assuming a cost of capital of 10%. Which project would be selected, assuming they are mutually exclusive, using each ranking method? Which project should actually be selected?