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

Year	Project A	Project B
1	45000	75000
2	45000	60000
3	45000	30000
4	45000	30000
5	45000	30000
6	45000	30000

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 hte techniques used. Make and justify a recommendation.

F. Go back one more time and calculate the NPV of each prject using a cost of capital of 12%. Does the ranking of the two projects change compared ot your answer in part e? Why?

Please show work in Excel.