Please show all intermediate steps and formulas used. Use excel to complete the problem.

Consider two projects, A and B. Project A's first cash flow is $9,600 and is received three years from today. Future cash flows for Project A grow by 3 percent in perpetulty. Project B's first cash flow is -$9,300, which occurs two years from today, and will continue in perpetulty. Assume that the appropriate discount rate is 11 percent. a. What is the present value of each project? (A negative answer should be Indicated by a minus sign. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Suppose that the two projects are combined into one project, called C. What is the IRR of Project C? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Project A Project B b. IRR c. What is the correct IRR rule for Project C? Accept the project of the discount rate is equal the IRR. O Accept the project if the discount rate is below the IRR. O Accept the project if the discount rate is above the IRR