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

Year	Cash Flow (A)	Cash Flow (B)
0	$36,600	$36,600
1	18,930	6,490
2	14,430	12,990
3	11,930	19,490
4	8,930	23,490

a. What is the IRR for Project A?

b. What is the IRR for Project B?

c. If the required return is 14 percent, what is the NPV for Project A?

d. If the required return is 14 percent, what is the NPV for Project B?

e. At what discount rate would the company be indifferent between these two projects?