Pitt Company is considering two alternative investments. The company requires a 12% return from its investments. Neither option has a salvage value. Project X Project Y $118,000 Initial investment $180,000 Net cash flows anticipated: Year 1 82,000 35,000 Year 2 59,000 55,000 Year 3 92,000 72,000 Year 4 81,000 68,000 Year 5 76,000 27,000 Compute the NPV and IRR for both projects and recommend one of them.