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

Project C:

• Initial Investment: $1,300,000
• Year 1: $350,000
• Year 2: $450,000
• Year 3: $550,000
• Year 4: $650,000

Project D:

• Initial Investment: $1,300,000
• Year 1: $400,000
• Year 2: $500,000
• Year 3: $600,000
• Year 4: $700,000

The discount rate for both projects is 8%.

Questions:

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