Garage Inc. has identified the following two mutually exclusive (i.e. it can only do one or the other but not both) projects with cash flows as outlined below.

Year	Cash Flow (A)	Cash Flow (B)
0	-$43,500	-$43,500
1	21,400	6,400
2	18,500	14,700
3	13,800	22,800
4	7,600	25,200

What is the IRR for each project? Using the IRR decision rule, which project should the company select? IS this necessarily correct?

If cost of capital (e.g. required return hurdle rate) is 11%, what is the NPV for each of these projects? Using the NPV rule, which project would the company select?

Over what range of discount rates would the company choose project A? Project B? At what discount rate would the company be indifferent between these two projects? Explain.