Bruin, Inc., has identified the following two mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)
0	$36,200	$36,200
1	18,700	6,300
2	14,200	12,800
3	11,700	19,300
4	8,700	23,300

a. What is the IRR for Project A?

b. What is the IRR for Project B?

c. If the required return is 10 percent, what is the NPV for Project A?

d. If the required return is 10 percent, what is the NPV for Project B?

e. At what discount rate would the company be indifferent between these two projects?