Yong Importers, an Asian import company, is evaluating two mutually exclusive projects, A and B. The relevant cash flows for each project are given in the table below. The cost of capital for use in evaluating each of these equally risky projects is 10 percent.

	Project A	Project B
Initial Investment	$350,000	$425,000
Year	Cash Inflows	Cash Inflows
1	140,000	175,000
2	165,000	150,000
3	190,000	125,000
4	100,000
5	75,000
6	50,000

Please show the formula and work for the below:

28. The NPVs of projects A and B are ________.

29. The Annualized NPV of project A is ________.

30. The Annualized NPV of project B is ________.

31. Which project should be chosen on the basis of the normal NPV approach?

3. Which project should be chosen using the Annualized NPV approach?