Question $10.(12$ points$)$ The Michner Corporation is trying to choose between the following two mutually exclusive design projects:

$1)$ If the required return is $10$ percent and the company applies the IRR decision rule, which project should the firm accept?

$2)$ If the company applies the NPV decision rule, which project should it take?

$3)$ Explain why your answers in parts $($a$)$ and $($b$)$ are different.