Pedro Spier, the president of Spier Enterprises, is considering two investment opportunities. Because of limited resources, he will be able to invest in only one of them. Project A is to purchase a machine that will enable factory automation; the machine is expected to have a useful life of three years and no salvage value. Project B supports a training program that will improve the skills of employees operating the current equipment. Initial cash expenditures for Project A are $108,000 and for Project B are $33,000. The annual expected cash inflows are $51,270 for Project A and $14,214 for Project B. Both investments are expected to provide cash flow benefits for the next three years. Spier Enterprises cost of capital is 6 percent.

Required

a-1.	Compute the net present value of each project. (Round your final answers to 2 decimal places.)