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

$23,667

and generates cash inflows of

$8,000

per year for

7

years. Project Board Shorts requires an initial investment of

$39,167

and produces cash inflows of

$13,000

per year for

8

years.

The IRR of Project T- shirt is ??%

The IRR of Board Shorts is ??%