Required information Skip to question [The following information applies to the questions displayed below.] Gunnell Incorporated is considering two mutually exclusive 10-year investments. The initial cash outlays and expected net after-tax cash flows are shown below. Project 1 Project 2 Initial $(2,860,000) $(2,100,000) Year 1 230,000 460,000 Year 2 230,000 435,000 Year 3 270,000 425,000 Year 4 321,000 425,000 Year 5 373,000 355,000 Year 6 517,000 235,000 Year 7 574,000 217,000 Year 8 689,000 199,000 Year 9 804,000 188,000 Year 10 1,033,000 152,000 Required: 1. Using Excel, calculate the NPV and IRR of each project. Assume Gunnell Incorporated uses a discount rate of 8%. (Round your NPV answer to the nearest dollar amount and your IRR answer to 2 de