Consider the following two mutually exclusive projects being considered by an agency. The agency's MARR is 5% per year and the projects have a service life of 5 years. Project 1 Project 2 Initial cost $14,300 $21,600 Annual revenues $3,743 $5,453 Present Worth (PW) $1,905 $2,009 Answer the following questions. a. Based on the PW, the project that is more economical is Project (Enter the project number). b. Calculate the IRR of each alternative (use the trial-and-error method) The IRR of Project 1 is The IRR of Project 2 is % (Round to the nearest one decimal place) % (Round to the nearest one decimal place) c. Perform the incremental IRR analysis to determine the project that is more economical: Incremental IRR = % (Round to the nearest one decimal place); Therefore, based on the incremental IRR, Project is more economical. d. Do the two methods produce the same recomendation for the most economical project? A. Yes OR No