As a financial analyst for a large retailer with some surplus cash, you can invest in one of the following two growth$-$related projects. They are both expected to generate returns over three years and you require a rate of return of $11\%$ during this time:

Project X

Project Y

The initial investment in year $0$

R$1,400,000$

R$900,000$

Net cash inflows year $1$

R$400,000$

R$300,000$

Net cash inflows year $2$

R$600,000$

R$400,000$

Net cash inflows year $3$

R$800,000$

R$500,000$

Calculate the Net Present Value $($NPV$)$ of both projects and decide which of the two projects $($if any$)$ your company should invest in based on the NPV and why?

$($Round off the NPV to the nearest rand$)$

$($Show all your workings$)$