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IRRlong dash—Mutuallyexclusive projects Bell Manufacturing is attempting to choosethe better of two mutually exclusive projects for expanding thefirm's warehouse capacity. The relevant cash flows for the projectsare shown in the following table:LOADING.... The firm's cost of capital is1313 %.a. Calculate the IRR for each of the projects. Assess theacceptability of each project on the basis of the IRRs.b. Which project is preferred?Project XProject YInitial investment?(CF 0CF0?)?$500 comma 000500,000?$320 comma 000320,000Year?(t?)Cash inflows?(CF Subscript tCFt?)1?$120 comma 000120,000?$130 comma 000130,0002?$120 comma 000120,000?$120 comma 000120,0003?$150 comma 000150,000?$95 comma 00095,0004?$190 comma 000190,000?$90 comma 00090,0005?$230 comma 000230,000?$60 comma 00060,000