JKL Ltd. has two potential projects, each requiring an initial outlay of ₹50,000 and a life of 4 years. The required rate of return is 11%, and the tax rate is 25%. The projects will be depreciated using the straight-line method. The net cash flows (before taxes) expected are given below along with the PV factor (at 11%):

Year	1	2	3	4
Project 1	20,000	18,000	16,000	14,000
Project 2	15,000	17,000	19,000	20,000
PV factor	0.901	0.812	0.731	0.659

You are required to:

1. Calculate the NPV of both projects.
2. Recommend which project to proceed with.