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

Year	Cash Flow (A)	Cash Flow (B)
0	$38,000	$38,000
1	19,100	5,900
2	14,600	12,400
3	12,100	18,900
4	9,100	22,900

Required:

(a)	What is the IRR for Project A?
	select) 19.69% 18.16% 20.08% 19.12% 18.55%

(b)	What is the IRR for Project B?
	select) 17.64% 16.62% 17.99% 17.13% 16.27%

(c)	If the required return is 10 percent, what is the NPV for Project A?
	select) $6,938.16 $7,072.88 $6,736.08 $6,534 $6,399.28

(d)	If the required return is 10 percent, what is the NPV for Project B?
	select) $7,676 $7,079.81 $7,452.43 $7,228.86 $7,825.05

(e)	At what discount rate would the company be indifferent between these two projects?
	select) 11.86% 12.84% 11.62% 12.23% 12.6%