You are the finance manager of Afreen Group. The director of capital budgeting has asked you to analyze two proposed capital investments, projects M and N. Each project has a cost of Tk. 200,000 and the expected net cash flows are as follows: i) Calculate the pay-back period for each project (Industry standard is 3.5 years) ii) If the required rate of return is 11% then calculate the NPV for each project. iii) Calculate the profitability index for these projects. iv) Would you accept the project if they are independent? v) Which project should be accepted if they are mutually exclusive