Nicholson Roofing Materials, Inc., is considering two mutually exclusive projects, each with an initial investment of $150,000. The company's board of directors has set a maximum 4-year payback requirement and has set is cost of capital at 9%. The cash inflows associated with the two projects are show in the table below.

a	calculate the payback period for each project
b	calculate the NPV of each project at 0%
c	calculate the npv of each project at 9%
d	derive the IRR of each project
e	rank the projects by each of the techniques used. Make and justify a recommendation.

		Cash Inflows (Cft)
Year		Project A		Project B
1		$45,000		$30,000
2		$45,000		$30,000
3		$45,000		$30,000
4		$45,000		$30,000
5		$45,000		$30,000
6		$45,000		$30,000

calculate the npv of each project at 9%