Piercy, LLC, has identified the following two mutually exclusive projects:

Year Cash Flow (A) Cash Flow (B)

0 $ 69,000 $ 69,000

1 45,000 31,100

2 39,000 35,100

3 25,500 41,000

4 15,800 24,100

a-1. What is the IRR for each of these projects? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

a-2. If you apply the IRR decision rule, which project should the company accept?

b-1. Assume the required return is 15 percent. What is the NPV for each of these projects? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

b-2. Which project will you choose of you apply the NPV decision rule?

c-1. Over what range of discount rates would you choose Project A? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

c-2. Over what range of discount rates would you choose Project B? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

d.At what discount rate would you be indifferent between these two projects? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)