All work with the methodology and the equations used must be shown in a detailed way. A timeline is required, wherever possible. Calculator steps are not considered work shown. The actual equations and careful explanations are required to receive credit for answers, even if correct numerical values are obtained; Correct answers without the correct methods and full analysis shown in enough detail will be marked wrong. Incorrect answers that do have the proper work/method outlined will be graded with partial credit, positively. 2. Three-Faced Cosmetics Inc. (50 points) Your firm, Three-Faced Cosmetics, is considering 2 investment projects. Each of these requires a $30 million up-front expenditure. According to your estimates, the firm's cost of capital is 12%, and the expected cash flows (in $ millions) from these projects are as follows: Year Project A 1. 1$5 2. 220 3. 320 4. 425 Project B \$25 15 10 5 - Calculate the NPV, IRR, and Payback for Projects A and B. - Then, using everything you know about capital budgeting, please answer the following questions: If the two projects are independent, which project or projects should the firm undertake? if the two projects are mutually exclusive, which project or projects should the firm undertake? Explain in full. The answer must be complete (in paragraph form). Substantiate your answers with formulas and numerical solutions as well as with written explanations