11. You are a financial analyst for Zero Plus Inc. The director of capital budgeting has asked you to analyze two proposed capital investments, Projects X and Y. Each project has a cost of $12,000 and a cost of capital of 6%. The projects' net cash flows are as follows: YEAR 0 1 2 3 4 5 PROJECT X ($) ($12,000) 4,700 2,900 2.900 2,600 1,900 PROJECT Y ($) ($12,000) 3,150 3,150 3,150 3,150 3,150 (a) Calculate (i) each project's payback period (ii) each project's NPV (iii) each project's discounted payback period (b) Which project or projects should be accepted if they are independent? (c) Which project or projects should be accepted if they are mutually exclusive