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. ProjectT-Shirt requires an initial investment of $25,000 and generates cash inflows of $9,000 per year for 7 years. Project Board Shorts requires an initial investment of $36,167 and produces cash inflows of $11,500 per year for 8 years.

The IRR of projectT-Shirt is _________________________ (Round to two decimalplaces.)

The IRR of project Board Shorts is _______________ (Round to two decimalplaces

Based on the internal rate ofreturn, which project should the firmchoose?