Project X costs $52,125, its expected cash flows are $12,000/year for 8 years and WACC is 12%. Calculate project:

a. NPV b. IRR c. payback period d. MIRR

Project Z costs $15,000 and has a cash flow of $4,500 per year for 5 years. Mutually exclusive project M costs $37,500 and its expected cash flows are $11,000 for next 5 years. If both project have a WACC of 14%, which one would you recommend and why?