X The Basics of Capital Budgeting 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 3 4 Project M Project N - $6,000 $2,000 -$18,000 $5,600 $2,000 $5,600 $2,000 $5,600 $2,000 $5,600 $2,000 $5,600 Calculate NPV for each project. Round your answers to the nearest cent. Do not round your intermediate calculations. Project M $ Project N $ Calculate IRR for each project. Round your answers to two decimal places. Do not round your intermediate calculations. Project M Project N Calculate MIRR for each project. Round your answers to two decimal places. Do not round your intermediate calculations Project M Project N Calculate payback for each project. Round your answers to two decimal places. Do not round your intermediate calculations Project M years Project N years ory Calculate discounted payback for each project. Round your answers to two decimal places. Do not round your intermediate calculations. Project M years Project N years b. Assuming the projects are independent, which one(s) would you recommend? Select- c. If the projects are mutually exclusive, which would you recommend? d. Notice that the projects have the same cash flow timing pattern, Why is there a conflict between NPV and IRRY