Dwight Donovon, the president of Munoz Enterprises, is considering two investment opportunities. The initial cash expenditures for project a are 114,00 and for project b are 43,000. The annual expected cash inflows are 44,037 for project a and 13,565 for project b. Both investments are expected to provide cash flow benefits for the next for years, Munoz Enterprises' desired rate is 8%. Commute the net present value of each project and commute the approximate internal rate of return of each project.
