PIO-20 All techniques, conflicting rankings Nicholson Roofing Materials, Inc., is consid- cring two mutually exclusive projcxts, cach with an initial investment of SI 50,000. Thc company's board of dirtors has set a maximum 4-year payback requirement and has wt its cost of capital at 9%. Thc cash inflows associated with thc two projects arc shown in the following table. Yeu Pmit A S45,ooo 45,000 45,000 45,000 45,000 45,000 s 75,000 a. Calculate thc payback period for cach project. b. Calculate thc NPV of each project at 0%. Calculate thc NPV of each project at 9%. c. d. Derive thc IRR of cach project. Rank thc projects by cach of thc techniques used. Make and justify a recommen- c. datlon.