Mahjong, Inc., has identified the following two mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)
0	$37,200	$37,200
1	19,570	7,060
2	15,070	13,560
3	12,570	20,050
4	9,570	24,050

Required:

(a)	What is the IRR for Project A?
	a. 21.67% b.22.34% c.23.01% d.21.22% e.23.46%

(b)	What is the IRR for Project B?
	a. 20.86% b. 22.16% c.22.59% d. 20.43% e. 21.51%

(c)	If the required return is 12 percent, what is the NPV for Project A?
	a. $7,535.39 b. $7,315.91 c. $7,096.43 e.$7,681.71 f. $6,950.11

(d)	If the required return is 12 percent, what is the NPV for Project B?
	a. $9,942.37 b. $9,752.99 c. $9,468.92 d. $8,995.47 e. $9,184.85

(e)	At what discount rate would the company be indifferent between these two projects?
	a.18.36% b. 19.33% c. 19.91% d. 20.3% e. 18.75%