Here are the cash-flow forecasts for two mutually exclusive projects:

	Cash Flows (dollars)
Year	Project A				Project B
0		103				103
1		33				52
2		53				52
3		73				52

a-1. What is the NPV of each project if the opportunity cost of capital is 4%? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

a-2. Which project would you choose?

b-1. What is the NPV of each project if the opportunity cost of capital is 12%? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

b-2. Which would you choose?