My Account Shopping: May Sed Hele Seven A company is examining two mutually exclusive projects Project Prequires an immediate investment of $300,000 and produces no profit until the fourth year. Then the expected annual profit is $120,000 for Years 4 to 7 inclusive Project requres an event of $260.000 now and is expected to generate an annual profit of $55.000 in Years 1 to Z Neither project has any residual weater seven years. a. Calculate the IRR of each project. (Round your answers to 1 decimal place) The IRR on project P The IRR on project On the basis of their res, which project is preferred? On the basis of their RR ranking po is preferred b. Which project should be selected if the firm's cost of capital is to Project should be selected c. Which project should be selected if the cost of cases Nenhet till should be selected