1 (Chapter 5). Consider the following cash flows of two mutually exclusive projects for Turlock Investments, Inc.. Assume a 10% discount rate. Year Livermore project Modesto project 0 -700,000 -300,000 1 450,000 150,000 2 400,000 250,000 3 350,000 200,000 a. Based on the NPV, which project should be taken? b. Based on the IRR, which project should be taken? c. If you are using IRR, is incremental IRR appropriate in this case? If yes, please do the analysis