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You are choosing between two projects. The cash flows for the projects are given in the following table ($ million): Project Year 0 Year 1

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You are choosing between two projects. The cash flows for the projects are given in the following table ($ million): Project Year 0 Year 1 Year 2 Year 3 Year 4 - $48 $23 $21 $19 - $98 $21 $42 $48 $61 $12 BU a. What are the IRRs of the two projects? b. If your discount rate is 4.6%, what are the NPVs of the two projects? c. Why do IRR and NPV rank the two projects differently

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