Carolina, Inc. has a required rate of return of 14% and is considering two projects for adoption, projects Beta and Gamma. The cash flows for each project are as follows: Year Project Beta Project Gamma 0 ($270,000) ($300,000) 1 120,000 0 2 120,000 (80,000) 3 120,000 555,000 For each project, calculate the (a) net present value, or NPV, and (b) internal rate or return, or IRR. Assuming the projects are independent, which project(s) should be adopted, and why?