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 5.1 %, 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 & $24 & $20 & $22 & $16 \\ B & $99 & $20 & $39 & $48 & $59 \\ \hline \end{tabular}