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 $112,000 and for Project B are $31,000. The annual expected cash inflows are $37,451 for Project A and $8,178 for Project B. Both investments are expected to provide cash flow benefits for the next five 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.) Net Present Value Project A Project B a-2. Which project should be adopted based on the net present value approach? Project A O Project B b-1. Compute the approximate internal rate of return of each project, Internal Rate of Return % Project A Project B