Consider the following cash flows on two mutually exclusive projects:

Year	Project A		Project B
0	–$	56,000	–$	71,000
1		36,000		35,000
2		31,000		44,000
3		26,000		47,000

The cash flows of project A are expressed in real terms, whereas those of project B are expressed in nominal terms. The appropriate nominal discount rate is 12 percent and the inflation rate is 3 percent.

Calculate the NPV for each project. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))

Project A NPV =

Project B NPV =