FPT is considering two projects, A & B, with cash flows as shown below:

year	CFa	CFb
1	-50,000	-100,000
2	20,000	60,000
3	20,000	25,000
4	20,000	25,000

The opportunity cost of capital for B is 10%. a) Calculate the NPV for each project. b) Calculate the IRR for each project. c) Which project(s) should be accepted in each of the following situations:

i. The projects are mutually exclusive and there is no capital constraint.

ii. The projects are independent and there is no capital constraint.

iii. The projects are independent and there is a total of $100,000 of financing for capital outlays in the coming period.