Each of the two mutually exclusive projects involves an investment of Tk. 1,25,000. Cashflows of the two projects are expected as follows:

Year	Project M Tk.	Project N Tk.
1	75,000	12,000
2	40,000	18,000
3	35,000	35,000
4	12,000	40,000
5	12,000	85,000

(i) Compute IRR (internal rate of return) for each project.

(ii) Which project would you select, assuming no capital rationing?