Manager A: A 4-year project with initial investment (Year O) of $100,000. Year 1 projected revenue is $90,000, year 2 $105,000, Year 3 $65,000 and year 4 $95,000. The cost of goods sold for year 1 thru 4 is 25% of revenues, SG&A expense is 15% of revenues, no interest expenses, and corporate tax rate is 35%. Once the project is over, there is no more related cash flow. There is no depreciation expense. Manager B: These are the projected net after tax cash flows for the project. This is an eight years project. Year Cash Flow -110,000 15,000 25,000 25,000 24,000 19,000 19,000 13,000 19,000 Questions 1: If the company's required a rate of return is 9%, what are the NPV and IRR of the two projects? (Please show your calculations.) 15 Points Questions 2: Based on the question 1, which project will you choose? (The two projects are mutually exclusive.) Please provide your opinion with supporting numbers. 10 Points