Compute the NPV of the following cash inflows:

a. $37,750 received annually at the end of years 1 through 5 followed by $29,500 received annually at the end of years 6 through 10. The discount rate is 13 percent.

b. $50,500 received annually at the end of each of the next three years and $68,750 received at the end of the fourth year. The discount rate is 6 percent