Pioneer Technologies is choosing between two investments, Project K and Project L.

Project Cash Flows and IRR:

Project	C0 ($ thousands)	C1 ($ thousands)	C2 ($ thousands)	IRR (%)
K	-70	30	40	21.75
L	-80	45	35	19.85

The discount rate is 14%.

Requirements:

1. Explain why IRR might not provide a full picture.
2. Calculate the NPV for both projects.
3. Advise which project should be chosen based on NPV.

Consider any market conditions that might affect the decision.