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 1	Project 2
Initial	$(2,960,000)	$(2,200,000)
Year 1	238,000	480,000
Year 2	238,000	455,000
Year 3	279,000	450,000
Year 4	333,000	450,000
Year 5	386,000	365,000
Year 6	535,000	246,000
Year 7	595,000	227,000
Year 8	713,000	209,000
Year 9	832,000	197,000
Year 10	1,070,000	160,000

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		%		%