Westchester Corp. is evaluating two projects, Project X and Project Y, both of which have expected useful life of 5 years. Project X requires an initial outlay of $500 (all dollar amounts are in millions), and is expected to generate $200 cash flows each year during its useful life. Project Y requires an initial outlay of $5,000, and is expected to generate $1,800 each year during its useful life. The two projects are deemed to have the same level of risk; and the applicable cost of capital for projects of this level of risk is 15%. a. Calculate the net present value (NPV) and the internal rate of return (IRR) for each project. (4 marks) b. Assuming the projects are mutually exclusive, which one should you recommend based on NPV? (2 marks) c. Assuming the projects are mutually exclusive, which one should you recommend based on IRR? (2 marks) d. Is there any confliction on the firm's capital budgeting decision? Explain the reason(s). (7 marks)