PQR Ltd. needs to evaluate two projects requiring an initial investment of ₹40,000 each and a life of 5 years. The firm's cost of capital is 9%, and it pays tax at 30%. Depreciation is straight-line. The net cash flows (before taxes) and the PV factor (at 9%) are provided below:

Year	1	2	3	4	5
Project 1	11,000	12,000	13,000	14,000	15,000
Project 2	10,000	11,000	12,000	13,000	14,000
PV factor	0.917	0.842	0.772	0.708	0.650

You are required to:

1. Calculate the NPV for each project.
2. Determine which project is preferable.