Pat Perez is evaluating two mutually exclusive capital budgeting projects that have the following characteristics. If the firm's required rate of return $($r$)$ is $10$ percent, which project should be purchased? Year Cash Flows Project Q Project R $$(4,000)$ $$(4,000)103,50025,0001,100$ IRR $11\mathrm{.}8\%12\mathrm{.}0\%$ Select one: a$.$ Neither project should be accepted, because the IRRs for both projects exceed the firm's required rate of return. b$.$ Project R should be accepted, because its net present value $($NPV$)$ is higher than Project Q$\text{'}$s NPV$.$ c$.$ Both projects should be purchased, because the IRRs for both projects exceed the firm's required rate of return. d$.$ None of the above is a correct answer. e$.$ Project Q should be accepted, because its net present value $($NPV$)$ is higher than Project R$\text{'}$s NPV$.$