Novell, Inc., has the following mutually exclusive projects.

Year		Project A		Project B
0		$27,000		$30,000
1		15,500		16,500
2		12,000		10,500
3		3,600		12,000

a-1.	Calculate the payback period for each project. (Do not round intermediate calculations and round your answers to 3 decimal places, e.g., 32.161.)

a-2.	If the company's payback period is two years, which, if either, of these projects should be chosen?
	Project A Project B Both projects Neither project

b-1.	What is the NPV for each project if the appropriate discount rate is 14 percent? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

b-2.	Which, if either, of these projects should be chosen if the appropriate discount rate is 14 percent?
	Project A Project B Both projects Neither project