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11-2 Intermediate Problems 7413 CAPITAL BUDGETING CRITERIA A firm with a 14% WACC is evaluating two projects for this year's capital budget. After-tax cash flows, including depreciation, are as follows. 0 1 2 5 3 + $10,000 $28,000 Project M Project N - $30,000 -- $90,000 $10,000 $28,000 $10,000 $28,000 $10,000 $28,000 $10,000 $28,000 a. Caleulate NPV IRR. MIRR, payback, and discounted payback for each project b. Assuming the projects are independent, which one(s) would you recommend