Mahjong, Inc., has identified the following two mutually exclusive projects: Year Cash Flow (A) Cash Flow (B) 0 –$39,000 –$39,000 1 19,200 5,800 2 14,700 12,300 3 12,200 18,800 4 9,200 22,800 Required: (a) What is the IRR for Project A? (b) What is the IRR for Project B? (c) If the required return is 9 percent, what is the NPV for Project A? (d) If the required return is 9 percent, what is the NPV for Project B? (e) At what discount rate would the company be indifferent between these two projects?