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10 10 DO chos A company is examining two mutually exclusive projects Project Prequires an immediate investment of $300.000 and produces no profit until the fourth year. Then the expected annual profit is $120.000 for Years 4 to 7 inclusive Project requares an investment of 5260.000 now and is expected to generate an annual profit of $55.000 in Years 1 to 7 Neither project has any residual value after seven years. Calculate the IRR of each project (Round your answers to decimal place) The IRR on project P 70% The IRR on project 500 On the basis of their which project is preferred On the basis of the ranking photo is preferred b. Which project should be selected of the fom's cost of capital is 10 should be selected Which project should be selected if the firm's cost of capitais should be selected