Iowa Technology has a weighted-average cost of capital of 8.11 percent and is evaluating two projects: A and B. Project A involves an initial investment of $35,400.00 and an expected cash flow of $64,200.00 in 4 years. Project A is considered more risky than an average-risk project at Iowa Technology, such that the appropriate discount rate for it is 5.55 percentage points different than the discount rate used for an average-risk project at Iowa Technology. The internal rate of return for project A is 10.38 percent. Project B involves an initial investment of $70,500.00 and an expected cash flow of $112,800.00 in 5 years. Project B is considered less risky than an average-risk project at Iowa Technology, such that the appropriate discount rate for it is 1.07 percentage points different than the discount rate used for an average-risk project at Iowa Technology. The internal rate of return for project B is 9.26 percent. What is X if X equals the NPV of project A plus the NPV of project B?

$17477.17 (plus or minus $10)

$12843.11 (plus or minus $10)

$24835.96 (plus or minus $10)

$9792.86 (plus or minus $10)

None of the above is within $10 of the correct answer