Answer the following question

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 S(14,000) $(22,840) 1 8,000 8,000 2 6,000 8,000 3 2,000 8,000 4 3,000 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