Gunnell Incorporated is considering two mutually exclusive 10-year investments. The initial cash outlays and expected net after-tax cash flows are shown below. Project 2 Project 1 Initial $(2,780,000) $(2,020,000) Year 1 223,000 444,000 Year 2 223,000 419,000 Year 3 262,000 405,000 Year 4 312,000 405,000 Year 5 362,000 347,000 Year 6 502,000 226,000 Year 7 558,000 209,000 Year 8 669,000 192,000 Year 9 781,000 Year 10 1,004,000 180,000 147,000 Part 1 (Algo) Required: 1. Using Excel, calculate the NPV and IRR of each project. Assume Gunnell Incorporated uses a discount rate of 8%. (Round your NPV answer to the nearest dollar amount and your IRR answer to 2 decimal places (i.e. 0.1234 = 12.34%).) Project 1 Project 2 NPV IRR %