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Noe Drilling Inc. is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable.

Noe Drilling Inc. is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. Calculate the projects paybackdiscounted paybackNPV and IRR respectively. Based on the calculation, make investment decision. (12 marks)
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7.00% WACC: Year CFs O -$1,100 - $2,750 1 $550 $725 2 $600 $725 3 $100 $800 4 $100 $1,400 CFL

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