YZA Ltd. has two projects, each requiring an initial investment of ₹45,000 and a life of 4 years. The firm’s cost of capital is 7% and it pays tax at 33%. The projects will be depreciated on a straight-line basis. The net cash flows (pre-tax) expected and the PV factor (at 7%) are as follows:

Year	1	2	3	4
Project 1	15,000	14,000	13,000	12,000
Project 2	13,000	15,000	14,000	13,000
PV factor	0.935	0.873	0.816	0.763

You are required to:

1. Calculate the NPV of both projects.
2. Decide which project is more feasible.