4. Billabong Tech uses the internal rate of return (IRR) to select projects. Calculate the IRR for each of the following projects and recommend the best project based on this measure. Project T-Shirt requires an initial investment of $22,500 and generates cash inflows of $8,500 per year for 6 years. Project Board Shorts requires an initial investment of $28,833 and produces cash inflows of $10,000 per year for 7 years. The IRR of project T-Shirt is The IRR of project Board Shorts is \%. (Round to two decimal places.) \%. (Round to two decimal places.) Based on the internal rate of return, which project should the firm choose? (Select the best answer below.) Project T-Shirt Project Board Shorts 5. Internal rate of return and modified internal rate of return For the project shown in the following table, 3, calculate the internal rate of return (IRR) and modified internal rate of return (MIRR). If the cost of capital is 13.51%, indicate whether the project is acceptable according to IRR and MIRR. The project's IRR is If the cost of capital is 13.51% According to IRR you should (1) The project's MIRR is According to MIRR you should (2) 3: Data Table \%. (Round to two decimal places.) the project. % (Round to two decimal places.) (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) (1) accept (2) reject reject accept