$NPV=C{F}_0+\frac{C{F}_1}{(1+\text{I}\text{R}\text{R}{)}^2}+\frac{C{F}_2}{(1+\text{I}\text{R}\text{R}{)}^2}+$dots$+\frac{CF{N}^N}{(1+\text{I}\text{R}\text{R}{)}^m}=0$

$0={\displaystyle \underset{t=1}{\overset{N}{}}}\frac{C{F}_t}{(1+\text{I}\text{R}\text{R}{)}^t}$

The IRR calculation assumes that cash flows are reinvested at the IRR $V.$ If the IRR is

$.$ Because of the IRR reinvestment rate assumption, when

than the project's risk$-$adjusted cost of capital, then the project should be accepted; however, if the IRR is less than the project's risk$-$adjusted cost of capital, then the project should be

one project vs$.$ later cash flows in the other project$)$ and project size $($the cost of one project is larger than the other$).$ When mutually exclusive projects are considered, then the

differences $($earlier cash flows in

all included in these cash flows. Both projects have $4-$year lives, and they have risk characteristics similar to the firm's average project. Bellinger's WACC is $11\%.$

What is Project A$\text{'}$s IRR? Do not round intermediate calculations. Round your answer to two decimal places.

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What is Project B$\text{'}$s IRR? Do not round intermediate calculations. Round your answer to two decimal places.

$(3)$