Use the information in the table provided to answer each of the questions below: You are considering three capital budgeting projects: Hewey, Lewey, and Dewey. Each of the projects under consideration will require an initial investment in the amount of $50,000. Projected cash flows from these potential choices are shown below. The required rate of return for your firm is 10%. Time Hewey. Lewey Dewey 0 ($50,000) 40,000 10,000 8,000 ($50,000) 5,000 10,000 50,000 ($50,000) 20,000 20,000 20,000 2 3 1. Calculate the payback for each project. You must show all work for any potential credit. 2. Calculate the net present value for each project. You must show all work for any potential credit. 3. Calculate the internal rate of return for each project. You must show all work for any potential credit. 4. Which project(s) would you accept if they are all independent and why? Spelling and grammar count! Use full sentences. 5. Which project(s) would you accept if Hewey and Lewey are mutually exclusive and why? Spelling and grammar count! Use full sentences. 6. If the Dewey project is determined to be of lower-than-average risk and therefore subject to a discount rate of 9%, how would your answers to the questions above change? Spelling and grammar count! Use full sentences