VWX Ltd. is evaluating two projects with an initial investment of ₹70,000 each and a life span of 5 years. The company’s required rate of return is 8%, and the tax rate is 20%. The projects will be depreciated using the straight-line method. The net cash flows (pre-tax) and the PV factor (at 8%) are provided below:

Year	1	2	3	4	5
Project 1	18,000	17,000	16,000	15,000	14,000
Project 2	20,000	19,000	18,000	17,000	16,000
PV factor	0.926	0.857	0.794	0.735	0.681

You are required to:

1. Determine the NPV for each project.
2. Recommend which project to choose.