IRRMutually exclusive projects Bell Manufacturing is attempting to choose the better of two mutually exclusive projects for expanding the firm's warehouse capacity. The relevant cash flows for the projects are shown in the following table: The firm's cost of capital is 17%. a. Calculate the IRR for each of the projects. Assess the acceptability of each project on the basis of the IRRs. b. Which project is preferred? a. The internal rate of return (IRR) of project X is %. (Round to two decimal places.) (Click on the icon here e into a spreadsheet.) in order to copy the contents of the data table below Project X Project Y Initial investment (CF) $500,000 $310,000 Year (t) Cash inflows (CFt) 1 $100,000 $150,000 2 $150,000 $110,000 3 $140,000 $75,000 4 $190,000 $80,000 5 $260,000 $70,000