Kramer Corporation is considering two investment projects, each of which would require $95,000. Cost and cash flow data concerning the two projects are given below:

	Project A	Project B
Investment in high-speed photocopier	$95,000
Investment in working capital		$95,000
Annual net cash inflows	$12,000	$12,000
Life of the project	19 years	19 years

The high-speed photocopier would have a salvage value of $4,000 in nineteen years. For tax purposes, the company computes depreciation deductions assuming zero salvage value and uses straight-line depreciation. The photocopier would be depreciated over nineteen years. At the end of nineteen years, the investment in working capital would be released for use elsewhere. The company requires an aftertax return of 7% on all investments. The tax rate is 35%.

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables.

Required:

Compute the net present value of each investment project. (Negative amounts should be indicated by a minus sign. Round discount factor(s) to 3 decimal places, intermediate and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

	Net present value
Project A	$
Project B	$