You are choosing between two projects. The cash flows for the projects are given in the following table ($ million):

Project	Year 0	Year 1	Year 2	Year 3	Year 4
A	negative $ 50$50	$ 23$23	$ 19$19	$ 21$21	$ 16$16
B	negative $ 100$100	$ 20$20	$ 39$39	$ 49$49	$ 61$61

a. What are the IRRs of the two projects?

b. If your discount rate is

5.3 %5.3%,

what are the

NPVs

of the two projects?

c. Why do IRR and NPV rank the two projects differently?