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Consider two mutually exclusive new product launch projects thatNagano Golf is considering. The NX-20 project is a proposedhigh-end amateur clubs that requires an initial investment of$420,000 at Time 0. Cash flow at year 1 is $120,000. In eachsubsequent year cash flow will grow at 10 percent per year. Theintroduction of a new product at year 6 will terminate further cashflows from this project. (See financial data below). Assume adiscount rate for both products is 15% where necessary to solve thefollowing problems.YearNP-30NX-200-$660,000-$420,0001$222,000$120,0002$222,000$132,0003$222,000$145,0004$222,000$199,7205$222,000$206,692calculate the IRR for both projects. NP-30 is the nextgeneration of professional clubs that will take an initialinvestment of $660,000 at Time 0. The next next five years (year1-5) of sales will generate a consistent cash flow of $222,000 peryear. (see financial data in Question 4). The introduction of thenew clubs (the next, next generation) at Year 6 will terminatefurther cash flows from this project.Based only on IRR considerations, which project should beselected? Use excel to help with your calculations. Round to thethe second decimal, e.g 24.05%, 18.29%, etc.