Problem 5-11 NPV versus IRR Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation (BRC). Both projects require an annual return of 18 percent. New Deepwater Submarine Year Fishing Ride 0 1,040,000 2,030,000 1 460,0001,080,000 2 582,000 890,000 930,000 a-1. Compute the IRR for both projects. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Deepwater Fishing Submarine Ride a-2. Based on the IRR, which project should you choose? Deepwater Fishing Submarine Ride b-1. Calculate the incremental IRR for the cash flows. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places e.g., 32.16.) Incremental IRR b-2. Based on the incremental IRR, which project should you choose? Submarine Ride Deepwater Fishing c-2. Based on the NPV, which project should you choose? Deepwater Fishing Submarine Ride c-3. Is the NPV decision consistent with the incremental IRR rule? Yes O No