A company is looking for an opportunity to invest 1,500 crore, for which it has identified five independent projects. The cash flows and the initial investment requirement of these five projects are as follows (in crore): Project 1 Project 2 Project 3 Project 4 Project 5 Year 0 (Initial investment) -1,200 -1,500 -700 -700 -300 Year 1 500 400 200 300 100 Year 2 500 500 250 300 100 Year 3 500 600 300 300 100 Year 4 500 700 350 300 100 Consider the rate of interest as 7.5%. Which of the following projects has the highest IRR ?

	Project 1	Project 2	Project 3	Project 4	Project 5
Year 0 (Initial investment)	-1,200	-1,500	-700	-700	-300
Year 1	500	400	200	300	100
Year 2	500	500	250	300	100
Year 3	500	600	300	300	100
Year 4	500	700	350	300	100