Consider the following cash flows on two mutually exclusive projects:

Year	Project A	Project B
0	$	62,000	$	77,000
1		42,000		41,000
2		37,000		50,000
3		32,000		53,000

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 10 percent and the inflation rate is 2 percent.

Calculate the NPV for each project.