Problem 7-13 NPV versus IRR Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation. Both projects require an annual return of 16 percent. Deepwater New Submarine Year Fishing Ride 0 -$995,000 -$1,940,000 415,000 546,000 465,000 990,000 845,000 840,000 a-1. Compute the IRR for both projects. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) IRR Deepwater Fishing Submarine Ride a-2. Based on the IRR, which project should you choose? Submarine Ride Deepwater Fishing b-1. Calculate the incremental IRR for the cash flows. (Do not round intermediate calculations. 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? Deepwater Fishing Submarine Ride