Your firm is considering two investment projects, each of which requires an upfront expenditure of $48 million. You estimate that the cost of capital is 10% and that the investments will produce the following after-tax cash flows (in millions of dollars):

Year	COVID Vaccine	Face Mask Machine
1	5	23
2	10	20
3	15	10
4	20	8
5	25	6

a. What is the IRR for the Face Mask Machine project? Do not write % in your answer. e.g. write 12.35 if your answer is 12.35% Answer %

b. What is the regular payback period for the COVID Vaccine project ? Answer

c. What is the discounted payback period for the Face Mask Machine project ? Answer

d. What is the profitability index for the COVID Vaccine project ? Answer

e. What is cross-over rate for the two projects? Do not write % in your answer. e.g. write 12.35 if your answer is 12.35% Answer %

f. If the two projects are independent and the cost of capital is 10%, which project or projects should your firm undertake based on NPV ? AnswerCOVID VaccineFace Mask MachineBothNone of these

g. If the two projects are mutually exclusive and the cost of capital is 5%, which project should your firm undertake based on NPV ? AnswerCOVID VaccineFace Mask MachineBothNone of these