You are considering two independent projects, Project A and Project B. The initial cash outlay associated with Project A is $45,000, whereas the initial cash outlay associated with Project B is $70,000. The required rate of return on both projects is 12 percent. The expected annual after-tax cash inflows from each project are as follows: Year Project A Project B 0 -$45,000 -$70,000 1 12,000 14,000 2 12,000 14,000 3 12,000 14,000 4 12,000 14,000 5 12,000 14,000 6 12,000 14,000

Calculate the NPV, PI, and IRR for each project and indicate if the project should be accepted.