Solve clearly including formulae....don't copy fron Chegg....

7.49 Consider the investment projects given in Table P7.49. Assume that MARR = 15%. (a) Compute the IRR for each project. (b) On the basis of the IRR criterion, if the three projects are mutually exclusive investments, which project should be selected?TABLE P7.49 Net Cash Flow Project 1 Project 2 Project 3 -$1,500 -$5,000 -$2,200 700 7,500 1,600 N 2,500 600 2,000