Your company is looking into two new projects:

Year	Project C1	Project D1
0	-$85,000	-$85,000
1	$25,000	$0
2	$25,000	$0
3	$25,000	$0
4	$25,000	$0
5	$25,000	$95,000

Requirements:

1. Calculate the NPV for both projects with a discount rate of 8%.
2. Determine the IRR for both projects.
3. Calculate the Modified Internal Rate of Return (MIRR) for each project.
4. Choose the project that should be undertaken and justify your decision.