Project X has an initial cost of $20,000 and a cash inflow of $25,000 in Year 3. Project Y costs $40,700 and has cash flows of $12,000, $25,000 and $10,000 in years 1 to 3, respectively. The discount rate is 6% and the projects are mutually exclusive. Based on individual projects IRRs you should accept Project _________; based on NPV you should accept Project ____________; the final decision should be to accept Project ___________.

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