Michael's Costumes is analyzing two mutually exclusive projects. Both require an initial investment of $65,000 and provide cash inflows as follows: Year 1 2 3 After-Tax Inflows Project C Project D $40,000 0 30,000 0 20,000 $104,200 a. If the opportunity cost is 10 percent, which product would Michael's choose if NPV is employed? b. Calculate the internal rate of return for both projects. Which project should be selected according to IRR? Why does the difference in ranking occur