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

Year	Cash Flow (A)	Cash Flow (B)
0	$36,000	$36,000
1	18,900	6,100
2	14,400	12,600
3	11,900	19,100
4	8,900	23,100

Required:

(a)	What is the IRR for Project A?

(b)	What is the IRR for Project B?

(c)	If the required return is 8 percent, what is the NPV for Project A?

(d)	If the required return is 8 percent, what is the NPV for Project B?

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