: Bellinger Industries is considering two projects for inclusion in its capital budget, and you have been asked to do the analysis. Both projects' after-tax cash flows are shown on the time line below. Depreciation, salvage values, net operating working capital requirements, and tax effects are all included in these cash flows. Both projects have 4-year lives, and they have risk characteristics similar to the firm's average project. Bellinger's WACC is 11%.

0 1 2 3 4

Project A -1,500 700 370 215 310

Project B -1,500 300 310 395 755

What is the projects cross over rate? Do not round intermediate calculations. Round your answer to two decimal places.

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