The cash flows of project A are expressed in real terms, whereas those of project B are expressed in nominal terms. The appropriate nominal discount rate is 12 percent and the inflation rate is 3 percent.

Project A Project B

- $60,000 -$75,00

$40,000 $39,000

$35,000 $48,000

$30,000 $51,000

Calculate the NPV for each project. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))