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Mahjong, Inc., has identified the following two mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)
0	$36,800	$36,800
1	19,150	6,670
2	14,650	13,170
3	12,150	19,670
4	9,150	23,670

Required:

(a)	What is the IRR for Project A?
	21.9% 20.2% 22.32% 20.62% 21.26%

(b)	What is the IRR for Project B?
	21.44% 20.82% 21.86% 20.2% 19.78%

(c)	If the required return is 16 percent, what is the NPV for Project A?
	$3,536.41 $3,605.08 $3,433.41 $3,330.41 $3,261.74

(d)	If the required return is 16 percent, what is the NPV for Project B?
	$4,632.52 $4,279.56 $4,191.32 $4,411.92 $4,544.28

(e)	At what discount rate would the company be indifferent between these two projects?
	18.71% 19.1% 20.67% 20.28% 19.69%