Consider the following cash flows on two mutually exclusive projects:

Year	Project A			Project B
0	$	61,000		$	76,000
1		41,000			40,000
2		36,000			49,000
3		31,000			52,000

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 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.)

	NPV
Project A	$
Project B	$