A company is examining two mutually exclusive projects. Project X requires an immediate investment of $100,000 and produces no profit until Year 3. Then the annual profit is $40,000 for Years 3 to 5 inclusive. Project Y requires an investment of $50,000 now and another $50,000 in 1 year. It is expected to generate an annual profit of $30,000 in Years 2 to 5. Calculate the internal rate of return on each project. Based upon their IRRs, which project should be selected and how much higher is the IRR than the other project