Perit Industries has $100,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are:

	Project A	Project B
Cost of equipment required	$100,000	$0
Working capital investment required	$0	$100,000
Annual cash inflows	$21,000	$15,750
Salvage value of equipment in six years	$8,000	$0
Life of the project	6 years	6 years

The working capital needed for project B will be released at the end of six years for investment elsewhere. Perit Industries' discount rate is 14%. (Ignore income taxes.)

(a)	Using Excel, calculate net present value for each project