Evaluating Cash Flows 1. The PMO lead has asked you to analyze two proposed capital investments, Project Black and Project White. Each project has a cost of $12,000, and the cost of capital for each project is 12%. The project's expected net cash flows are as follows: Requirements: a. Calculate each project's payback period, NPV, and IRR (7 points) b. Using the 3 different criteria, which project or projects should be accepted if they are independent? (4 points) c. Using the 3 different criteria, which projects should be accepted if they are mutually exclusive? (4 points)