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

What are the two projects' NPVs, assuming the cost of capital is 5%?

Project A: $

Project B: $

What are the two projects' NPVs, assuming the cost of capital is 10%?

Project A: $

Project B: $

What are the two projects' NPVs, assuming the cost of capital is 15%?

Project A: $

Project B: $

What are the two projects' IRRs at these same costs of capital?

Project A: %

Project B: %