Problem 7 Mayberry Ventures (MV) is considering two new pieces of equipment for this year's capital budget. The first is a milling machine and the second is a hydraulic lift. The projects are independent. The cash outlay for the milling machine is $35,000 and $44,000 for the lift. The firm's cost of capital is 17%. After-tax cash flows, including depreciation, are as follows: Year 1 2 3 4 5 Milling Machine $13,000 13.000 13,000 13,000 13,000 Lift $12,000 12,000 12,000 12,000 12,000 a. Calculate the NPV for each project. b. Based on NPV, what is the correct accept/reject decision for each project? c. Calculate the IRR for each project. d. Based on IRR, what is the correct accept/reject decision for each project? e. Calculate the payback period for each project. f. If MV has a policy of only accepting projects with a 3-year or less payback period, what would be the accept'reject decision for each project based on payback period