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

Project

Year $0$

Year $1$

Year $2$

Year $3$

Year $4$

A

$-$$ $48$

$ $23$

$ $18$

$ $19$

$ $14$

B

$-$$ $100$

$ $22$

$ $39$

$ $49$

$ $61$

a$.$ What are the IRRs of the two$$ projects?

b$.$ If your discount rate is $4\mathrm{.}8\%,$ what are the NPVs of the two$$ projects?

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