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

Year	Cash Flow (A)				Cash Flow (B)
0	$	28,400			$	28,400
1		13,800				4,000
2		11,700				9,500
3		8,900				14,600
4		4,800				16,200

a-1	What is the IRR for each of these projects? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

a-2	Using the IRR decision rule, which project should the company accept?
	multiple choice 1 Project A Project B

a-3	Is this decision necessarily correct?
	multiple choice 2 Yes No

b-1	If the required return is 12 percent, what is the NPV for each of these projects? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

b-2	Which project will the company choose if it applies the NPV decision rule?
	multiple choice 3 Project A Project B

c.	At what discount rate would the company be indifferent between these two projects? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)