Exercise 24-21A (Algo) Internal rate of return using Excel LO P4

Following is information on two alternative investment projects being considered by Tiger Company. The company requires a 4% return from its investments.

	Project X1	Project X2
Initial investment	$ (90,000)	$ (140,000)
Net cash flows in:
Year 1	30,000	67,500
Year 2	40,500	57,500
Year 3	65,500	47,500

Compute the internal rate of return for each of the projects using Excel functions. Based on internal rate of return, indicate whether each project is acceptable. (Round your answers to 2 decimal places.)