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Your division is considering two investment projects, each of which requires an up-front expenditure of $22 million. Project A will have cash flows of $3 million in year 1, $4 million in year 2, $8 million in year 3, and $18 million in year 4. Project B will have cash flows of $17 million in year 1, $9 million in year 2, $4 million in year 3, and $2 million in year 4.

Assume the projects are independent. The cost of capital is 13%. What is the IRR of Project A? Based on IRR criteria, do you accept or reject Project A? | What is the IRR of Project B? I Based on IRR criteria, do you accept or reject Project B? Partial Credit Acceptable answer for BLANK-1 is 13.61% Responses must be an exact match Acceptable answer for BLANK-2 is accept Responses must be an exact match Acceptable answer for BLANK-3 is 25.83% Responses must be an exact match Acceptable answer for BLANK-4 is accept Responses must be an exact match