The PBP company has £1m to invest, and is considering the following two projects:

a Project A will generate annual net cash flows of £200,000 for eight years;

b Project B will generate cash flows of £400,000 in year 1,

£350,000 in year 2, £300,000 in year 3, £100,000 in year 4,

£50,000 in year 5, and then about £5,000 a year for another few years.

On the basis of this information, and without considering DCF, which of the two projects is better?