Your division is considering two investment projects, each of which requires an up$-$front expenditure of $$22$ million. Project A will have cash flows of $$3$ million in year $1,$ $$4$ million in year $2,$ $$8$ million in year $3,$ and $$18$ million in year $4.$ Project B will have cash flows of $$17$ million in year $1,$ $$9$ million in year $2,$ $$4$ million in year $3,$ and $$2$ million in year $4.$

Assume the projects are independent.

What is Project A$\text{'}$s net present value, assuming the cost of capital is $13\%?$

What is Project B$\text{'}$s net present value, assuming the cost of capital is $13\%?$

At this cost of capital, do you accept or reject Project A$?$

At this cost of capital, do you accept or reject Project B$?$