You are considering two investment projects, each of which requires an up-front expenditure of $45 million. The investments will produce the following after-tax cash flows (in million dollars). Year 1 2 3 14 Project A 10 15 15 30 Project B 25 15 15 10 1. What is project A's payback period? 5 points 2. If the two projects are independent and the cost of capital is 10%, which project or projects should be taken? 10 points 3. If the two projects are mutually exclusive, which project should be taken? (Hint, construct the NPV profile for 5, 10, 15, and 20 percent cost of capital). 15 points 4. What is the cross-over rate? 10 points 5. If the cost of capital is 10%, what is the MIRR (Modified Internal rate of return) of project A? 10 points