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 $12,500 and generates cash inflows of $7,500 per year for 3 years. Project Board Shorts requires an initial investment of $24,667 and produces cash inflows of $14,000 per year for 4 years.

The IRR of project T-Shirt is __ %