1. NPV and IRR Marissa Manufacturing is presented with the following two mutually exclusive projects. The required return for both projects is 15 percent.

1. What is the IRR for each project?
2. What is the NPV for each project?
3. Which, if either, of the projects should the company accept?

\begin{tabular}{crr} \hline Year & \multicolumn{1}{c}{ Project M } & \multicolumn{1}{c}{ Project N } \\ \hline 0 & $120,000 & $339,000 \\ 1 & 55,500 & 154,300 \\ 2 & 69,400 & 164,400 \\ 3 & 64,100 & 150,800 \\ 4 & 36,500 & 105,400 \\ \hline \end{tabular}