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Problem \#3: Capital Budgeting Concepts DEF Manufacturing Company has considered investing in two independent projects, which both will result in a cost of $1,500,000. Each project is expected to last 6 years. Project A ' s annual cash flows are listed as follows: Year 1: $265,000; Year 2: \$265,000; Year 3: \$265,000 Year 4: \$525,000; Year 5: $449,000; Year 6: $820,000. Project B annual cash flows are listed as follows: Year 1:$220,000; Year 2 : $449,000; Year 3: $525,000; Year 4: $765,000; Year 5:$765,000; Year 6: $765,000. DEF's cost of capital is 12% A) Calculate each project's NPV. B) Compute each project's IRR. C) Calculate Payback Period for both projects D) As the financial analyst evaluating this project, would you accept/reject one or accept or reject both? Would your answer change if the projects were mutually exclusive