Given the following cash flows for project X and project Y,

Year	Project X	Project Y
0	-55,000	-100,000
1	20,000	15,000
2	13,500	17,000
3	11,000	19,000
4	10,000	25,000
5	9,000	30,000
6	7,500	35,000

a. Calculate the NPV, IRR, MIRR and traditional payback period for each project, assuming a required rate of return of 7 percent.

b. If the projects are independent, which project(s) should be selected? If they are mutually exclusive, which project should be selected?