A manufacturing company, LMN Inc., is analyzing two mutually exclusive projects: Project A and Project B. Project A requires an initial investment of $150,000 and is expected to generate cash flows of $30,000 per year for 8 years. Project B requires an initial investment of $200,000 and is expected to generate cash flows of $40,000 per year for 6 years. Calculate the internal rate of return (IRR) for both projects and recommend which project the company should undertake, assuming a discount rate of 10%.