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 five 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 $109,000 and for Project B are $32,000. The annual expected cash inflows are $36,447 for Project A and $9,321 for Project B. Both investments are expected to provide cash flow benefits for the next five years. Spier Enterprises cost of capital is 8 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a-1. Compute the net present value of each project. (Round your intermediate calculations and final answers to 2 decimal places.) a-2. Which project should be adopted based on the net present value approach? Project A Project B b-1. Compute the approximate internal rate of return of each project. b-2. Which one should be adopted based on the internal rate of return approach? Project B Project A