Quantitative Problem: Bellinger Industries is considering two projects for inclusion in its capital budget, and you have been asked to do the analysis. Both projects' after-tax cash flows are shown on the time line below. Depreciation, salvage values, net operating working capital requirements, and tax effects are all included in these cash flows. Both projects have 4-year lives, and they have risk characteristics similar to the firm's average project. Bellinger's WACC is 10%.

	0		1		2		3		4
Project A	-1,100		600		380		270		340
Project B	-1,100		200		315		420		790

What is Project As IRR? Round your answer to two decimal places. %

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Review the IRR equation. The solution for IRR is a percentage rate not a dollar value. The IRR calculation is not dependent on the firm's WACC. Don't forget the minus sign for the Year 0 cash flow. Don't forget to include the Year 0 cash flow in your calculation.

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What is Project B's IRR? Round your answer to two decimal places. %