Crane Corp. management is evaluating two mutually exclusive projects. The cost of capital is 15 percent. Costs and cash flows for each project are given in the following table.

Year		Project 1		Project 2
0		-$1,243,734		-$1,168,933
1		248,000		340,000
2		366,000		340,000
3		432,000		340,000
4		504,000		340,000
5		786,000		340,000

Calculate NPV and IRR of two projects. (Enter negative amounts using negative sign, e.g. -45.25. Do not round discount factors. Round other intermediate calculations and final answer to 0 decimal places, e.g. 1,525. Round IRR answers to 2 decimal places, e.g. 15.25 or 12.25%.)

NPV of project 1 is	$
NPV of project 2 is	$
IRR of project 1 is			%
IRR of project 2 is			%

Which project should be accepted?

Crane Corp. should accept project 2project 1neither project