Solve the following questions using TVM formulas in Excel. Show your work to receive full credit. You will receive zero credit if you do you work using a financial calculator and typing your answers into Excel.

Calculate the IRR and NPV for the following cash flows. Assume a $15\%$ discount rate

Year

Project $1$

Cash flow

Project $2$

Cash flow

$0$

$-$$$20,000$

$-$$$20,000$

$1$

$1,000$

$12,000$

$2$

$3,000$

$15,000$

$3$

$4,000$

$3,000$

$4$

$12,000$

$4,000$

$5$

$15,000$

$1,000$