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You are choosing between two projects. The cash flows for the projects are given in the following table (S million): Project Year 0 $48 -

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You are choosing between two projects. The cash flows for the projects are given in the following table (S million): Project Year 0 $48 - $101 Year 2 $20 $40 Year 1 Year 3 $18 $48 Year 4 $15 S62 $18 a. What are the IRRs of the two projects? b. If your discount rate is 51%, what are the NPVs of the two projects? c. Why do IRR and NPV rank the two projects differently

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