8 Hosier and Wogan (H&W) is a partnership that owns a small company. It is considering two alternative investment opportunities. The first investment opportunity will have a five-year useful life, will cost $12,300.59, and will generate expected cash inflows of $3,000 per year. The second investment is expected to have a useful life of three years, will cost $8,085.20, and will generate expected cash inflows of $3,600 per year. Assume that H&W has the funds available to accept only one of the opportunities. 1.27 points eBook Required a. Calculate the internal rate of return of each investment opportunity. References Internal Rate of Return 16% First investment Second investment %