A choice has to be made between two investment proposals. Proposal A requires an immediate outlay of $60 000 and a further outlay of $40 000 after 3 years. Net returns are $20 000 per year for 10 years. The investment has no residual value after 10 years. Proposal B requires outlays of $29 000 in each of the first 4 years. Net returns starting in Year 4 are $40 000 per year. The residual value of the investment after 10 years is $50 000. Which proposal is preferable at 20%?