Please include Excel function :)

(Comprehensive Spreadsheet Problem 11-23 from the end-of-chapter question set) Your division is considering two projects. Its WACC is 10%, and the projects' after-tax cash flows (in millions of dollars) would be as follows: a. Calculate the projects' NPVs, IRRs, MIRRs, regular paybacks, and discounted paybacks. We find the internal rate of return with Excel's IRR function: IRRA=IRRB= We find the modified internal rate of return with Excel's MIRR function using the 10\% WACC: MIRRA= MIRRB= (Comprehensive Spreadsheet Problem 11-23 from the end-of-chapter question set) Your division is considering two projects. Its WACC is 10%, and the projects' after-tax cash flows (in millions of dollars) would be as follows: a. Calculate the projects' NPVs, IRRs, MIRRs, regular paybacks, and discounted paybacks. We find the modified internal rate of return with Excel's MIRR function using the 10\% WACC: MIRRA= MIRRB= Project A Payback Period: \begin{tabular}{|c|c|c|c|c|c|} \hline Time period: & 0 & 1 & 2 & 3 & 4 \\ \hline Cash flow: & (30) & 5 & 10 & 15 & 20 \\ \hline Cumulative cash flow: & (30) & (25) & (15) & 0 & 20 \\ \hline Payback A : & & & & & \\ \hline Project B Payback Perio & & & & & \\ \hline Time period: & 0 & 1 & 2 & 3 & 4 \\ \hline Cash flow: & (30) & 20 & 10 & 8 & 6 \\ \hline Cumulative cash flow: & (30) & (10) & 0 & 8 & 14 \\ \hline Payback B : & & & & & \\ \hline Project A Discounted Pa & ackPe & & & & \\ \hline Time period: & 0 & 1 & 2 & 3 & 4 \\ \hline Cash flow: & (30) & 5 & 10 & 15 & 20 \\ \hline Disc. cash flow: & & & & & \\ \hline Disc. cum. cash flow: & & & & & \\ \hline Discounted Payback A : & & & & & \\ \hline Project B Discounted Pa & ack Pe & & & & \\ \hline Time period: & 0 & 1 & 2 & 3 & 4 \\ \hline Cash flow: & (30) & 20 & 10 & 8 & 6 \\ \hline Disc. cash flow: & & & & & \\ \hline Disc. cum. cash flow: & & & & & \\ \hline & & & & & \\ \hline Discounted Payback B : & & & & & \\ \hline \end{tabular} d. Plot NPV profiles for the two projects. Identify the projects' IRRs on the graph. Hint: Before you can graph the NPV profiles for these projects, you must create a data table of project NPV relative to differing costs of capital--use Excel's NPV formula and the space below to do so. The graph will automatically create, as values are added. e. If the WACC was 5%, would this change your recommendation if the projects were mutually exclusive? If the WACC was 15%, would this change your recommendation? Explain your answers. f. The "crossover rate" is 13.5252%. Explain what this rate is and how it affects the choice between mutually exclusive projects. g. Is it possible for conflicts to exist between the NPV and the IRR when independent projects are being evaluated? Explain your answer. h. Now, look at the regular and discounted paybacks. Which project looks better when judged by the paybacks? i. If the payback was the only method a firm used to accept or reject projects, what payback should it choose as the cutoff point, that is, reject projects if their paybacks are not below the chosen cutoff? Is your selected cutoff based on some economic criteria, or is it more or less arbitrary? Are the cutoff criteria equally arbitrary when firms use the NPV and/or the IRR as the criteria? Explain. j. Define the MIRR. What's the difference between the IRR and the MIRR, and which generally gives a better idea of the rate of return on the investment in a project? Explain. k. Why do most academics and financial executives regard the NPV as being the single best criterion and better than the IRR? Why do companies still calculate IRRs