Consider the following cash flows for Project M and Project N:

Year	Project M	Project N
0	-$50,000	-$70,000
1	$12,000	$14,000
2	$14,000	$16,000
3	$16,000	$18,000
4	$18,000	$20,000
5	$20,000	$24,000

a. Calculate the NPV using a discount rate of 8% for each project. b. Determine the IRR for Project M and Project N. c. Find the payback period for each project. d. Compute the discounted payback period for both projects. e. Decide which project to choose if they are mutually exclusive, providing justification for your decision.