You are considering the following two mutually exclusive projects.

year	Project A	Project B
0	-$36,000	-$36,000
1	21,500	13,690
2	13,500	11,500
3	13,500	25,300

• 1) What is the internal rate of return (IRR) of projects A and B?
• 2) What is the NPV of projects A and B if the required rate of return is 9%? Which project we should choose?
• 3) What is the NPV of projects A and B if the required rate of return is 12%? Which project we should choose?