You are a financial manager, and your firm is considering the following two projects:

Project A: t 0 1 2 3 4 5 6 7 8 9 10 CF 10,000 -55,000 155,000 125,000 119,000 113,500 201,500 123,000 -119,000 54,000

Project B: t 0 1 2 3 4 5 6 7 8 9 10 CF 95,000 112,000 155,000 -125,000 119,000 -153,000 255,000 -113,000 139,000 39,000

The cost of capital (discount rate) for both projects is 6.29% per year. Based on the given information, please calculate the present value of the cash flow for both projects. Which project has higher present value? Please show all the calculations by which you came up with the final answer. (8 Points)