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 four 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 $104,000 and for Project B are $45,000. The annual expected cash inflows are $32,102 for Project A and $14,816 for Project B. Both investments are expected to provide cash flow benefits for the next four years. Spier Enterprises' cost of capital is 8 percent. Required a-1. Compute the net present value of each project. (Round your final answers to 2 decimal places.) Net Present Value Project A Project B a-2. Which project should be adopted based on the net present value approach? Project B Project A a-2. Which project should be adopted based on the net present value approach? Project B Project A b-1. Compute the approximate internal rate of return of each project. es Internal Rate of Return % % Project A Project B b-2. Which one should be adopted based on the internal rate of return approach? Project B Project A