Exercise 17.5 #4 Two mutually exclusive projects each require an initial investment of $50,000. The following table presents their forecast annual profits. Year Project 1($) Project 2($) 1 10,000 30,000 2 20,000 20,000 3 30,000 8,000 a. Calculate the IRR of each project. (Round your answer to 1 decimal place.) The IRR on Project 1 % The IRR on Project 2 % On the basis of their IRRS, which project should be selected? (Click to select) should be selected. b. Which project should be selected if the firm's cost of capital is 8%? (Click to select) should be selected. c. Which project should be selected if the firm's cost of capital is 6%? (Click to select) should be selected