Delta Gamma Inc. is considering two investment projects, each of which requires an up-front expenditure (investment) of $50 million. The opportunity cost of capital is 11% , and the investments will produce the following after-tax cash flows (in millions of dollars). Year Project A Project B 1 $8m $27m 2 $15m $22m 3 $22m $10m 4 $26m $6m (a) What is the payback period for each project? Round to two decimal places. (b) What is the NPV for each project? What is the IRR for each project ?Round to two decimal places. (c) If the projects are independent and the cost of capital is 11%, which project or projects should the firm undertake?Why? (d) If the projects are now mutually exclusive and the cost of capital is 11%, which project or projects should the firm undertake? Why? (e) If the projects are mutually exclusive and the cost of capital is 8.5%, which project or projects should the firm undertake?