Consider two investment opportunities with the following expected cash flows. Both projects require an initial investment of $25,000.

Year	Project E	Project F
1	$10,000	$12,000
2	$15,000	$10,000
3	$5,000	$8,000

Requirements:

• Calculate the NPV for each project using a discount rate of 9%.
• State which project should be accepted based on NPV.
• Calculate the IRR for each project.
• Determine the modified internal rate of return (MIRR) for each project using a reinvestment rate of 9%.