Exhibit 1: The expected cash flows in US$ from the project in Ohio and North Dakota. Year Cash flow (Ohio) Cash flow (ND) 0 (2,200,000) (2,400,000) 1* 500,000 350,000 2 245,000 185,000 3 287,000 205,000 4 300,000 290,000 5 388,000 380,000 6 480,000 590,000 7 530,000 400,000 8 585,000 583,000 9 590,000 580,000 10 692,000 720,000 *note: The year 1 cash flow includes government stimulus payment of $100,000 to support business projects. The companys policy is to select projects using NPV technique. Calculate the IRR of both projects