I know the answers, but not sure how to get there and would like to see the work in order to get the right answer for questions 51 and 52. No excel please because I am not allowed to use it for my course.

Tangshan Mining Company is considering investment in one of two mutually exclusive projects M and N which are described below. Tangshan Mining's overall cost of capital is 15 percent, the market return is 15 percent and the risk-free rate is 5 percent. Tangshan estimates that the beta for project M is 1.20 and the beta for project N is 1.40. 1 51) Using the risk-adjusted discount rate method of project evaluation, the NPV for Project N is 51) C (See Table 11.8) A) $600,000 B) $166.132 D) $122.970 52) Using the risk-adjusted discount rate method of project evaluation, the better investment for Tangshan Mining is (See Table 11.8) A) Project M because it has a higher IRR B) Project N because it has a higher IRR C) Project N because it has a higher NPV D) Project M because it has a higher NPV