Ciara Corp. is considering two mutually exclusive projects. The (after-tax) free cash flow for each project and year is given below:

Year	Project A	Project B
0	-53,000	-72,000
1	20,000	30,000
2	25,000	25,000
3	30,000	20,000
4		15,000
5		10,000

The relevant discount rate is 10% for both projects.

Part 1: What is the net present value of project A?

Part 2: What is the net present value of project B?

Part 3: What is the equivalent annual annuity (annualized NPV) of project A?

Part 4: What is the equivalent annual annuity (annualized NPV) of project B?