A company is evaluating two potential projects with the following cash flows:

Project E:

• Initial Investment: $1,500,000
• Year 1: $400,000
• Year 2: $500,000
• Year 3: $600,000
• Year 4: $700,000

Project F:

• Initial Investment: $1,500,000
• Year 1: $450,000
• Year 2: $550,000
• Year 3: $650,000
• Year 4: $750,000

The discount rate for both projects is 10%.

Questions:

1. Calculate the NPV for Project E and Project F.
2. Determine the IRR for both projects.
3. Which project should the company choose based on NPV and IRR? Justify your answer.