PRO1 IRR is 28%. PRO2 IRR is 25%.

Which project should I choose and why?

84 Cross Over Rate 85 86 PRO1 cash flow 87 PRO2 cash flow 88 Difference between cash flow of PRO1 and PRO2 89 90 91 $ $ $ Year 0 -7,000,000 $ -7,000,000 $ Year 1 3,305,000 $ 2,100,000 $ 1,205,000 $ Year 2 2,955,000 $ 2,600,000 $ 355,000 $ Year 3 2,605,000 $ 3,500,000 $ -895,000 $ Year 4 2,255,000 $ 3,300,000 $ -1,045,000 $ Year 5 NPV when I = 0% 1,905,000 $ 6,025,000 1,400,000 $ 5,900,000 505,000 IRR -> $ -5%