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The Trask Family Lettuce Farm is located in the fertile Salinas Valley of California. Adam Trask, the head of the family, makes all the financial decisions that affect the farm. Because of an extended drought, the family needs more water per acre than what the existing irrigation system can supply. The quantity and quality of lettuce produced are expected to increase when more water is supplied. Cal and Aron, Adam's sons, have devised two different solutions to their problem. Cal suggests improvements to the existing system. Aron is in favor of a completely new system. The negative cash flow associated with the initial investment and expected positive net cash flows for years 1 through 7 for each project follow. Adam has no other alternatives and will choose one of the two projects. The Trask Family Lettuce Farm has a required rate of return of 12 percent for these projects. Expected Net Cash Flow a. Calculate the net present value for each project. b. Calculate the internal rate of return for each project. c. Which project should Adam choose? Why? d. Is there a conflict between the decisions indicated by the NPVs and the IRRs