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Question 5 Khalifa Corporation is considering investing in either Project 1 or Project 2. Both projects are expected to last 6 years. Each project requires an initial cash outflow today, and expects cash inflows in each of the next 6 years. Khalifa Corporation requires a rate of return on investment (i.e., hurdle rate) of 14% compounded annually. Net cash flows from two projects are as follows: 0 (285,000) 1 85,650 End of Year 2 3 78,500 82,950 4 75,980 5 86,620 6 79,900 Project #1 Project #2 (285,000) 75,650 75,650 75,650 75,650 75,650 75,650 REQUIRED: a) Find the Internal Rate of Return (IRR) for each project. b) Find the Net Present Value (NPV) for each project. c) Given your answers in parts a) and b), which project is preferred? Briefly explain why