Consider the following cash flows on two mutually exclusive projects:

Year	Project A		Project B
0	$	52,000	$	67,000
1		32,000		31,000
2		27,000		40,000
3		22,000		43,000

The cash flows of Project A are expressed in real terms, whereas those of Project B are expressed in nominal terms. The appropriate nominal discount rate is 12 percent and the inflation rate is 3 percent.

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