Your division is considering two investment projects, each of which requires an up-front expenditure of $15 million. You estimate that the investments will produce the following net cash flows:

Year	Project A	Project B
1	$5,000,000	$20,000,000
2	$10,000,000	$10,000,000
3	$20,000,000	$6,000,000

a. What are the two projects net present values, assuming the cost of capital is 5%? 10%? 15%

5%:

10%:

15%

b. What are the two projects IRR at these same costs of capital?