Tangshan Mining Company is considering investment in one of two mutually exclusive projects M and N which are described below. Tangshan Mining's overall cost of capital is 15 percent, the expected market return is 15 percent, and the ris free rate is 5 percent. Tangshan estimates that the beta for project M is 1.20 and beta for project N is 1.40. Project M Project N Initial Investment $700,000 $780,000 Year Cash Inflows (CF) 1 $300,000 $220,000 2 300,000 320,000 3 300,000 380,000 300,000 460,000 & Which project would be preferable if both projects' betas were equal to 1.0\? (See Table 12.3)