Mahjong, Inc., has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 $36,800 $36,800 1 19,150 6,670 2 14,650 13,170 3 12,150 19,670 4 9,150 23,670

a. What is the IRR for Project A?

b. What is the IRR for Project B?

c. If the required return is 16 percent, what is the NPV for Project A?

d. If the required return is 16 percent, what is the NPV for Project B?

e. At what discount rate would the company be indifferent between these two projects?