LG 2, 3, 4b All techniques, conflicting rankings Nicholson Roofing Materials Inc. is considering two mutually exclusive projects, each with an initial investment of $150,000. The company's board of directors has set a maximum 4-year payback requirement and has set its cost of capital at 9%. The cash inflows associated with the two projects are shown in the following table. P10-21 Cash inflows (CF) Year Project A $45,000 45,000 45,000 45,000 45,000 45,000 Project u $75,000 60,000 30,000 30,000 30,000 30,000 2 3 5 a. Calculate the payback period for each project. b. Calculate the NPV of each project at 0% C. Calculate the NPV of each project at 9% d. Derive the IRR of each project. e. Rank the projects by each of the techniques used. Make and justifya recommendation. f. Go back one more time and calculate the NPV of each project using a cost of capital of 12%. Does the ranking of the two projects change compared to your answer in part e? Why