The table below provides the estimated end-of-year net cash flows that would be received from alternative projects Red and Blue for an investment of $200,000.

	Year 1	Year 2	Year 3	Year 4
Project Red	$40,000	$50,000	$60,000	$156,000
Project Blue	$90,000	$80,000	$70,000	$50,000

(a)	Find the NPV of each project if the cost of capital is 6%.

(b)	In part (a), which project is better?

(c)	Find the NPV of each project if the cost of capital is 8%.

(d)	In part (c), which project is better?