Consider the following cash flows for project E and project F:

Project E:

Year	Cash Flow
0	-$70,000
1	$10,000
2	$15,000
3	$20,000
4	$25,000
5	$30,000

Project F:

Year	Cash Flow
0	-$80,000
1	$18,000
2	$22,000
3	$26,000
4	$30,000
5	$35,000

a. Calculate the NPV, IRR, and traditional payback period for each project, using a required rate of return of 7 percent.

b. Which project(s) should be selected if they are independent, and which should be selected if they are mutually exclusive?