You are a financial analyst for Modal Optima Berhad. The director of finance has asked you to analyze two proposed capital investment, Project X and Y. Each project has a cost of RM10 million and the cost of capital for each project is 12%. The projects expected net cash flow are as follows: Year Expected Net Cash Flows Project X (RM000) Project B (RM000) 0 -10,000 -10,000 1 6,500 3,500 2 3,000 3,500 3 3,000 3,500 4 1,000 3,500 a) Calculate each projects payback period, net present value (NPV), internal rate of return (IRR) and modified internal rate of return (MIRR). b) Which project or projects should be accepted if they are independent? c) Which project should be accepted if they are mutually exclusive? [30 mark]