Valley Corporation is attempting to select the best group of independent projects competing for the firm's capital budget of P4.5 million. The firm recognizes that any unused portion of this budget will earn less than its 15% cost of capital, thereby resulting in present value of inflows that is less than the initial investment. The firm ha summarized, in the following table, the key data to be used in selecting the best group of projects. Initial IRR PV of Project investment (%) inflows at 15% P5,000 17 P5,400 800 18 1,100 2,000 19 2,300 1,500 16 1,600 800 22 900 2,500 23 3,000 1,200 20 1,300 Required 1. Use the IRR approach to select the best group of projects. 2. Use the NPV approach to select the best group of projects. 3. Compare, contrast, and discuss your findings in parts 1 and 2. 4. Which projects should the firm implement? Why