Self-Test Problem 3 ST10-1 LG (Solutions in Appendix) All techniques with NPV profile: Mutually exclusive projects Fitch Industries is in the process of choosing the better of two equal-risk, mutually exclusive capital ex- penditure projects, M and N. The relevant cash flows for each project are shown in the following table. The firm's cost of capital is 14%. IRF Initial investment (CFO) Year (t) 1 2 3 Project M $28,500 Project N $27,000 Cash inflows (CF) $10,000 10,000 10,000 10,000 $11,000 10,000 9,000 8,000 c. Calculate the internal rate of return (IRR) for each project..