Reece Company is presented with the following two mutually exclusive projects. The required return for both projects is 13 percent.

Year	Project M			Project N
0	$	144,000		$	351,000
1		63,100			154,500
2		81,100			176,000
3		72,100			139,500
4		58,100			106,000

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?

Project M

Project N

Both

Neither