Consider the following two projects for Copper Mountain Sports. Both project are projected to produce cash flows for 5 years at which time the equipment will have become technologically obsolete. For these projects, calculate the "cross-over rate". The cross -over rate is the discount rate where both projects would have the same NPV.

Year	Snow Shoes	Snowmobiles
0	-$250,000	-$250,000
1	$25,000	$150,000
2	$80,000	$160,000
3	$200,000	$75,000
4	$190,000	$50,000
5	$150000	$5000

a) 33.67%

b) These two projects do not have a cross-over rate

c) 10.55%

d) 30.52%

e) 32.30%