Bruin, Incorporated, has identified the following two mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)
0	$ 36,900	$ 36,900
1	19,260	6,760
2	14,760	13,260
3	12,260	19,760
4	9,260	23,760

a. What is the IRR for Project A?

b. What is the IRR for Project B?

c. If the required return is 15 percent, what is the NPV for Project A?

d. If the required return is 15 percent, what is the NPV for Project B?

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