There are two investments we invest in two consecutive years. The first project in year one is financed by equity and the second project in year two by debt. The cost of debt after tax is 5%, and the cost of equity is 13%. The internal rate of return is 12 % in the first year. The internal rate of return is 7% in the second year. Do we invest in the first years project? Do we invest in the second year investment. Your grade depends on your analysis. You will receive no points for yes or no answers.