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You are choosing between two projects. The cash flows for the projects are given in the following table? ($ million): Year 0 $51 $99 Year

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

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Year 0 $51 $99 Year 1 $27 $18 Year 4 $15 $59 Project Year 2 $21 $39 Year 3 $20 $51 a. What are the IRRs of the two projects? b. If your discount rate is 5.4%, what are the NPVs of the two projects? c. Why do IRR and NPV rank the two projects differently

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