Carpet Baggers Inc. is proposing to construct a new bagging plant in a country in Europe. The two prime candidates are Germany and Switzerland. The forecasted cash flows from the proposed plants are as follows:

	C0	C1	C2	C3	C4	C5	C6	IRR(%)
Germany(millions of euros)	-60	10	15	15	20	20	20	15.0
Switzerland (million of swiss francs)	-120	20	30	30	35	35	35	12.8

The spot exchange rate for euros is $1.3/, while the rate for Swiss francs is CHF 1.5/$. The interest rate is 5% in the United States, 4% in Switzerland, and 6% in the euro countries. The financial manager has suggested that, if the cash flows were stated in dollars, a return in excess of 10% would be acceptable.

Should the company go ahead with either project? If it must choose between them, which should it take?