You are presented with the following projections for investment projects X and Y. The required rate of return is 12% and there is no salvage or residual value for both investments. Ignore taxation. Project X Project Y $ $ Initial investment outflow 170 000 245 000 Subsequent cash inflows Year 1 45 000 70 000 Year 2 45 000 80 000 Year 3 45 000 90 000 Year 4 45 000 60 000 Year 5 45 000 40 000 Requirements: (i) Calculate the internal rate of return for project X. (ii) Advise on which project should be selected for investment. Justify your recommendation