Your division is considering two projects with the following cash flows (in millions):

0 1 2 3

Project A -$25 $5 $10 $17

Project B -$20 $10 $9 $6

a. What are the projects NPVs assuming the WACC is 5%? 10%? 15%?

b. What are the projects IRRs at each of these WACCs?

c. The WACC was 5% and A and B were mutually exclusive, which project would you choose? What if the WACC was 10%? 15%? (Hint: The crossover rate is 7.81%)

I have part a done, but need step-by-step explanations of parts b and c, without the use of Excel. If you've already done this, feel free to post part a for everyone else. I don't know how to post properly formatted documents here; formatting disappears when I paste.