1. Your division is considering two investment projects, each of which requires an up-front expenditure of $20 million. You estimate that the investments will produce the following net cash flows:

Year Project A Project B

1 $1,600,000 $20,000,000

2 10,000,000 10,000,000

3 20.000.000 7,700,000

1. What are the two projects NPVs assuming the cost of capital is 1%, 11%, 21%?
2. What are the two projects IRRs at those same costs of capital?

Please work in excel with details. Thank you