Framing Hanley, LLC, has identified the following two mutually exclusive projects:

Year	Cash Flow (A)				Cash Flow (B)
0		?$	56,000			?$	56,000
1			32,000				19,400
2			26,000				23,400
3			19,000				28,000
4			13,200				25,400

Requirement 1:
(a)	What is the IRR for each of these projects? (Do not include the percent signs (%). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

	Internal rate of return
Project A	%
Project B	%

(b)	If you apply the IRR decision rule, which project should the company accept?
	(Click to select) Project A Project B

Requirement 2:
(a)	Assume the required return is 12 percent. What is the NPV for each of these projects? (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

	Net present value
Project A	$
Project B	$

(b)	Which project will you choose if you apply the NPV decision rule?
	(Click to select) Project B Project A

Requirement 3:
(a)	Over what range of discount rates would you choose Project A? (Do not include the percent sign (%).Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Project A

(Click to select) Above Below

@ %

(b)	Over what range of discount rates would you choose Project B? (Do not include the percent sign (%).Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Project B

(Click to select) Below Above

@ %

(c)	At what discount rate would you be indifferent between these two projects? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Discount rate

%