Consider the following cash flows on two mutually exclusive projects:

Year Project A Project B

0 $67,000 $82,000

1 47,000 46,000

2 42,000 55,000

3 37,000 58,000

The cash flows of Project A are expressed in real terms while those of Project B are expressed in nominal terms. The appropriate nominal discount rate is 10 percent and the inflation rate is 2 percent.

Calculate the NPV for each project.(Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)