Your company is considering two mutually exclusive projects---C and R whose costs and cash flows are shown in the following table: Year Project C Project R 0 $(12,000) $(20,700) 1 7,000 8,000 2 6,000 8,000 3 2,500 8,000 4 3,500 8,000 The projects are equally risky and their required rate of return is 12 percent. You must make a recommendation concerning which project should be purchased. To determine which is more appropriate, compute the NPV and IRR of each project.