Mahjong, Inc., has identified the following two mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)
0	$37,000	$37,000
1	19,370	6,850
2	14,870	13,350
3	12,370	19,850
4	9,370	23,850

Required:

(a)	What is the IRR for Project A?
	(Click to select)22.94%22.51%21.85%21.19%20.76%

(b)	What is the IRR for Project B?
	(Click to select)21.13%20.5%20.07%22.19%21.76%

(c)	If the required return is 14 percent, what is the NPV for Project A?
	(Click to select)$5,330.4$5,490.31$5,063.88$5,170.49$5,596.92

(d)	If the required return is 14 percent, what is the NPV for Project B?
	(Click to select)$6,596.45$6,800.46$7,004.47$6,460.44$7,140.48

(e)	At what discount rate would the company be indifferent between these two projects?
	(Click to select)19.26%20.22%18.3%18.68%19.84%

rev: 09_18_2012