please provide formula, process and the answer of each question below, not using excel please. Thank you in advance.

Question 2 A firm is considering the following mutually exclusive projects. Project A requires an initial outlay of $500 and will return $120 per year for the next seven (7) years. Project B requires an initial outlay of $5,000 and will return $1,350 per year for the next five (5) years. The required rate of return is 10% (2.1) Use the net present value criterion to determine which investment is preferable. (20 points)