A rm with a 14% WACC is evaluating two projects for this year's capital budget. After-tax cash ows, including depreciation, are as follows: 0 1 2 3 4 5 llllll ProjectM -$12,000 $4,000 $4,000 $4,000 $4,000 $4,000 ProjectN -$36,000 $11,200 $11,200 $11,200 $11,200 $11,200 a. Calculate NPV for each project. Do not round intermediate calculations. Round your answers to the nearest cent. Project M: $ Project N: $ Calculate IRR for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: % Project N: /o Calculate MIRR for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: % Project N: % Calculate payback for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: years Project N: years Calculate discounted payback for each project. Do not round intermediate calculations. Round your answers to two decimal places. Project M: years Project N: years b. Assuming the projects are independent, which one(s) would you recommend? [ -Select- 3 ] c. If the projects are mutually exclusive, which would you recommend? d. Notice that the projects have the same cash ow timing pattern. Why is there a conict between NPV and IRR? -Select