A business has two investment choices. Option 1 requires an immediate outlay of $4,000 and offers a return of $25,000 in eight years. Option 2 requires an immediate outlay of $3,500 in return for which $950 will be received at the end of every six months for the next eight years. The required rate of return on investment is 12% p.a., compounded semi-annually. Compute the net present value and internal rate of return of each alternative and determine which investment should be accepted or rejected according to the net present value criterion. Please explain how to calcualte IRR by financial calcluator in this question.