Billabong Texh uses the internal rate of return 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 $11,500 and generates cash inflows of $5,500 per year for 3 years. Project Board Shorts requires an initial investment of $24,167 and produces cash inflows of $14,000 per year for 4 years.

- The IRR of project T-shirt is __% (round to two decimal places)

- The IRR of project board shorts is __% (round to two decimal places)