2. ND Inc. is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. The CEO believes the IRR is the best selection criterion, while the CFO advocates other methods. If the decision is made by choosing the project with the higher IRR, how much, if any, value will be forgone, i.e., what's the NPV of the chosen project versus the maximum possible NPV? What is the Payback period and discounted payback period? What is the Profitability index? MIRR? Discuss your results of these methods and make a recommendation on the projects to the CEO?

WACC:	7.00%
Year	0	1	2	3	4
CFS	$1,100	$550	$600	$100	$100
CFL	$2,750	$725	$725	$800	$1,400