Joliet Company is considering two alternative investments. The company requires an 18% return from its investments.   Category Project X Project Y Initial Investment 108,000 $98,000 Net cash flows anticipated:     Year 1 36,000 25,000 Year 2 39,000 45,000 Year 3 32,000 42,000 Year 4 34,000 28,000 Year 5 25,000 17,000 Compute the IRR for both Projects and recommend one of them.

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.