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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:

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Project M	-$30,000	$10,000	$10,000	$10,000	$10,000	$10,000
Project N	-$90,000	$28,000	$28,000	$28,000	$28,000	$28,000

1. Calculate NPV for each project. Do not round intermediate calculations. Round your answers to the nearest cent. Project M: $ Project N: $

   Calculate IRR for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: % Project N: %

   Calculate MIRR for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: % Project N: %

   Calculate payback for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: years Project N: years

   Calculate discounted payback for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: years Project N: years

2. Assuming the projects are independent, which one(s) would you recommend? -Select-
3. If the projects are mutually exclusive, which would you recommend? -Select-
4. Notice that the projects have the same cash flow timing pattern. Why is there a conflict between NPV and IRR?