Capital Budgeting Criteria Part 1 A firm with a 13% WACC is evaluating two projects for this year's capital budget. After-tax cash flows, including depreciation, are as follows: Project M 0 1 2 3 4 5 -$6,000 $2,000 $2,000 $2,000 $2,000 $2,000 Project -$18,000 $5,600 $5,600 $5,600 $5,600 $5,600 N 1. Assuming the projects are independent, which one(s) would you recommend? Why?