Consider the following cash flows on two mutually exclusive projects:

Year	Project A		Project B
0	$	65,000	$	80,000
1		45,000		44,000
2		40,000		53,000
3		35,000		56,000

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 2 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))