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	$(2,720,000)	$(1,960,000)
Year 1	218,000	432,000
Year 2	218,000	407,000
Year 3	256,000	390,000
Year 4	305,000	390,000
Year 5	354,000	341,000
Year 6	491,000	219,000
Year 7	545,000	202,000
Year 8	654,000	186,000
Year 9	763,000	175,000
Year 10	982,000	142,000

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%).)