Piercy, LLC, has identified the following two mutually exclusive projects:

Year	Cash Flow (A)				Cash Flow (B)
0		$	61,000			$	61,000
1			37,000				23,900
2			31,000				27,900
3			21,500				33,000
4			14,200				24,900

a-1.	What is the IRR for each of these projects? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
a-2.	If you apply the IRR decision rule, which project should the company accept?
b-1.	Assume the required return is 12 percent. What is the NPV for each of these projects? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
b-2.	Which project will you choose of you apply the NPV decision rule?
c-1.	Over what range of discount rates would you choose Project A? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
c-2.	Over what range of discount rates would you choose Project B? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
d.	At what discount rate would you be indifferent between these two projects? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

30.64% a-1. Project A Project B |a-2. 27.73% b-1. Project A Project B b-2. Project A $ 21,078.00 $ 21,896.00 Project B C-1. Above % C-2. Below % d. Discount rate 14.79%