Bellinger Industries is considering two projects for inclusionin its capital budget, and you have been asked to do the analysis.Both projects' after-tax cash flows are shown on the time linebelow. Depreciation, salvage values, net operating working capitalrequirements, and tax effects are all included in these cash flows.Both projects have 4-year lives, and they have risk characteristicssimilar to the firm's average project. Bellinger's WACC is 11%.
| 0 | 1 | 2 | 3 | 4 |
| | | | | | | | | | |
| Project A | -1,100 | 590 | 360 | 220 | 280 |
| Project B | -1,100 | 230 | 300 | 360 | 700 |
What is Project Delta's IRR? Do not round intermediatecalculations. Round your answer to two decimal places.
%
