Q A company is considering two mutually exclusive projects S and T whose details are as follows: Project S Project T Initial investment (in millions) Shs 57M Shs.54M Year Cash inflows 1 Shs.20M 2 Shs.20M 3 Shs.20M 4 Shs 20M The company's required rate of return is 14%. Shs 22M Shs.20M Shs.18M Shs.16M Required: a. Calculate each project's payback period. Indicate which project is preferred and why. b. Calculate each project's discounted payback period. Indicate which project is preferred and why. c. Calculate the net present value for each project. Indicate which project is preferred and why. d. Calculate the internal rate of return for each project. Indicate which project is preferred and why. e. Explain what you understand by the terms mutually exclusive projects and independent projects