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 $ 49$49	$ 26$26	$ 20$20	$ 20$20	$ 13$13
B	negative $ 98$98	$ 22$22	$ 41$41	$ 51$51	$ 61$61

a. What are the IRRs of the two projects?

b. If your discount rate is

5.2 %5.2%,

what are the

NPVs

of the two projects?

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