Finance Pro Ltd. has to choose between two projects, K and L:

Year	Project K (millions $)	Project L (millions $)
0	-180	-200
1	70	80
2	90	100
3	110	120

The opportunity cost of capital is 11%.

Requirements: a) Determine the IRR for both projects. b) Calculate the NPV for both projects. c) Explain why the project with the higher IRR might not always be the best choice. d) Provide a recommendation on which project to undertake and justify your decision.