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

Project A:

Year 0 Year 1 Year 2 Year 3 Year 4

-$49 $24 $22. $20 $14

Project B:

Year 0 Year 1 Year 2 Year 3 Year 4

-$102 $18 $40 $48 $59

a. What are the IRRs of the two projects?

b. If your discount rate is 4.6 %, what are the NPVs of the two projects?

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

I understand that to find the IRRs, you have to set the NPV to zero and solve for r. Once I get that equation set up, I get confused on how to solve it because of the (1+r), (1+r)^2... etc in the denominators.