The department manager who oversees the Imaging Department has identified the need for an additional MRI machine. Its cost would be $2,355,600 and the anticipated revenue stream for the next 10 years is $400,000 per year.

1. Compute the internal rate of return (IRR) and the net present value (NPV) for each project.
2. Based strictly on the calculations, which projects should be accepted or rejected?
3. What type of non-financial data should be considered for each project?