2. NPV versus IRR [LO1, 5] Garage, Inc., has identified the following two mutual exclusive projects: Cash Flow (B) Cash Flow (A) Year -$43,500 -$43,500 21,400 6,400 18,500 14,700 3 13,800 22,800 7,600 25,200 a. What is the IRR for each of these projects? Using the IRR decision rule, which project should the company accept? Is this decision necessarily correct? b. If the required return is 11 percent, what is the NPV for each of these projects Which project will the company choose if it applies the NPV decision rule? Net Present Value and Other Investment Criteria Chapter 9 C Over what range of discount rates would the company choose project A? Proj- eet B? At what discount rate would the company be indifferent between these two projects? Explain