Consider the following cash flows on two mutually exclusive projects: Year Project A Project B 0 –$ 56,000 –$ 71,000 1 36,000 35,000 2 31,000 44,000 3 26,000 47,000 The cash flows of Project A are...

The cash flows of Project A are expressed in real terms, whereas those of Project B are expressed in nominal terms. The appropriate nominal discount rate is 12 percent and the inflation rate is 3 percent.

Calculate the NPV for each project.
(Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)