3. A firm is evaluating two investment proposals. The following data is provided for the two investment alternatives. Initial cash outflow IRR NPV Project 1 $250m 28% $80m Project 2 $ 50m 36% $20m a. The discount rate for the two projects is 18%. If the two projects are independent, which project should the firm choose based on the IRR rule? a. project 1 b. project 2 c. both projects d. cannot decide because the hurdle rate is unknown