A firm is considering two projects with the following cash flows. The required return for both projects is 9 percent.

Year Project E Project F 0 -$750,000 -$320,000 1 550,000 150,000 2 280,000 150,000 3 150,000 100,000

Required - Using your calculator: a. Calculate the NPVs for both projects (4 marks) b. Calculate the IRRs for both projects (2 marks) c. Based on the above calculations, which project should the company choose if they are mutually exclusive? Explain. (3 marks)