a. Explain by giving an example in each case independent projects and mutually exclusive projects (3 Marks) b. A company is considering two mutually projects X and Y requiring an initial outlay of Sh. 150,000 each. Each project has a life of 5 years, and the project cost will be depreciated on straight line basis. The projects are in the tax brackets of 50%. The cash flow from each project before depreciation and tax are given below I 2 YEARS PROJECT X PROJECT Y 1 40,000 60,000 40,000 30,000 3 40,000 20,000 4 40,000 50,000 5 40,000 50,000 If the required retum is 10% i. ii. Tabulate the free cash flow to be generated by each project. (3 Marks) Determine the viability of each project using the following evaluation techniques a) Payback Period (PBP) (3 Marks) b) Net Present Value (NPV) (3 Marks) c) Internal Rtae of Return (IRR) (3 Marks) d) Modified Internal Rtae of Return (MIRR) (3 Marks) Based on your evaluation above which project should be accepted and why? (2 Marks