Bruin, Inc., has identified the following two mutually exclusive projects:

Year Cash Flow (A) Cash Flow (B)
0 –$ 37,500 –$ 37,500
1 17,300 5,700
2 16,200 12,900
3 13,800 16,300
4 7,600 27,500

A. At what discount rate would the company be indifferent between these two projects? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)