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

Year	Cash Flow (A)				Cash Flow (B)
0	$	29,700			$	29,700
1		15,100				4,650
2		13,000				10,150
3		9,550				15,900
4		5,450				17,500

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.)

Project A ?

Project B ?

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

a-3	Is this decision necessarily correct?
	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.)

• Project A

• Project B

b-2	Which project will the company choose if it applies the NPV decision rule?
	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.)

Discount Rate?