Project P costs $15,000 and is expected to produce benefits (cash flows) of $4,500 per year for five years. Project Q costs $37,500 and is expected to produce cash flows of $11,100 per year for five years. Calculate each projects (a) net present value (NPV), (b) internal rate of return (IRR), and (c) modified internal rate of return (MIRR). The firms required rate of return is 14 percent. If the projects are independent, which project (s) should be selected? If they are mutually exclusive projects, which project should be selected? Explain.