Global has two projects, A and B, which are contingent. The cash flows of each project are as follows:

Project A: -$50, -$35, $25, $37.50, $85, $135 in years 0, 1, 2, 3, 4, 5

Project B: -$100, -$60, $50, $350 in years 0, 1, 2, 3

Moreover, the details of Global are as follows:

1. Global uses 30% debt and 70% equity.
2. Cost of debt = 8% per year
3. Cost of equity = 20% per year
4. Tax rate = 21%

a. According to the NPV rule, which project(s) should you accept?

b. According to the IRR rule, which project(s) should you accept?