Chestnut Tree Farms has identified the following two mutually exclusive projects. The company uses a discount rate of 6%.

Year	Cash Flow (A)		Cash Flow (B)
0	-38,000			-38,000
1	10,735			16,530
2	14,060			13,395
3	13,015			12,255
4	7,505			2,090

1. What is the IRR of each project? Based on the IRR criterion, which project(s) would you choose?

2. What is the NPV of each project? Based on the NPV method which project(s) would you choose?

3. What is your final choice of project?