Fiftycent Inc., has hired you to advise the firm on a capital budgeting issue involving two unequal-lived, mutually exclusive projects, S and T. The cash flows for each project are presented in the following table. Calculate the NPV and the annualized net present value (ANPV) for each project using the firm's cost of capital of 9.2%. Which project would you recommend?

	Project M	Project N
Initial Investment	42500	67200
Year	Cash inflows
1	17820	26100
2	25600	21800
3	36100	36200
4	-	18900
5	-	10900
6	-	15380
7	-	9820

The NPV for project S is $

The NPV for project T is $

The ANPV for project S is

The ANPV for project T is

Which project should be accepted