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

Year	Cash Flow (A)	Cash Flow (B)
0	$40,000	$40,000
1	19,300	5,700
2	14,800	12,200
3	12,300	18,700
4	9,300	22,700

(a) What is the IRR for Project A?

(b) What is the IRR for Project B?

(c) If the required return is 8 percent, what is the NPV for Project A?

(d) If the required return is 8 percent, what is the NPV for Project B?

(e) At what discount rate would the company be indifferent between these two projects?