Reece Company is presented with the following two mutually exclusive projects. The required return for both projects is 14 percent.

Year	Project M			Project N
0	$	140,000		$	365,000
1		64,500			147,500
2		82,500			190,000
3		73,500			132,500
4		59,500			120,000

a. What is the IRR for each project? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

	IRR
Project M	%
Project N	%

b. What is the NPV for each project? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

	NPV
Project M	$
Project N	$

c. Which, if either, of the projects should the company accept? (Click to select)Project MProject NBothNeither