You are choosing between two projects. The cash flows for the projects are given in the following table ($ million):

a. What are the IRRs of the two projects?

b. If your discount rate is 5.2%, what are the NPVs of the two projects?

c. Why do IRR and NPV rank the two projects differently?

\begin{tabular}{cccccc} Project & Year 0 & Year 1 & Year 2 & Year 3 & Year 4 \\ \hline A & $48 & $25 & $19 & $19 & $14 \\ B & $102 & $18 & $38 & $49 & $62 \\ \hline \end{tabular}