CAPITAL BUDGETING CRITERIA 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 Project M Project N -$12,000 $4,000 $4,000 $4,000 $4,000 $4,000 -$36,000 $11,200 $11,200 $11,200 $11,200 $11,200 % % % a. Calculate NPV for each project. Round your answers to the nearest cent. Do not round your intermediate calculations. Project M$ 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 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? c. If the projects are mutually exclusive, which would you recommend? years years -Select -Select- d. Notice that the projects have the same cash flow.timing pattern. Why is there a conflict between NPV and IRR? -Select