Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation (BRC). Both projects require an annual return of 15%.
Year Deepwater Fishing New Submarine Ride
0 -$975,000 -$1,900,000
1 -$395,000 -$950,000
2 -$530,000 -$825,000
3 -$445,000 -$800,000
Compute the IRR for both projects.