X ces (earlier cash flows in one project vs. later cash flows in the other project) ost of one project is larger than the other). When mutually exclusive projects are considered, then the NPV method should be used to evaluate projects Quantitative Problem: Bellinger Industries is considering two projects for inclusion in its capital budget, and you have been asked to do the analysis. Both projects' after-tax cash flows are shown on the time line below. Depreciation, salvage values, net operating working capital requirements, and tax effects are all included in these cash flows. Both projects have 4-year lives, and they have characteristics similar to the firm's average project. Bellinger's WACC is 11% 0 1 3 4 - Project A -1,050 600 360 300 290 Project B -1,050 200 295 450 740 What is Project A's IRR? Do not round Intermediate calculations. Round your answer to two decimal places. 9