Gardial Fisheries is considering two mutually exclusive investments. The projects' expected net cash flows are as follows:
		Expected Net Cash Flows
	Time	Project A	Project B
	0	($375)	($575)
	1	($300)	$190
	2	($200)	$190
	3	($100)	$190
	4	$600	$190
	5	$600	$190
	6	$926	$190
	7	($200)	$0
a. If each project's cost of capital is 12%, which project should be selected? If the cost of capital is 18%, what project is the proper choice?
@ 12% cost of capital			@ 18% cost of capital
					Use Excel's NPV function as explained in this chapter's Tool Kit. Note that the range does not include the costs, which are added separately.
WACC =	12%		WACC =	18%
NPV A =			NPV A =
NPV B =			NPV B =