You are evaluating two mutually exclusive projects with the following cash flows:

Year	Project X	Project Y
0	-$5,000,000	-$5,000,000
1	$2,500,000	$1,500,000
2	$1,750,000	$1,750,000
3	$1,500,000	$2,000,000
4	$1,250,000	$2,500,000

Requirements:

1. Calculate the NPV of each project assuming a cost of capital of 12%.
2. Calculate the IRR of each project.
3. Determine which project should be accepted based on NPV.
4. Determine which project should be accepted based on IRR.
5. Provide a brief analysis explaining any differences in the recommendations.