Explain how to get IRR %

Following is information on two alternative investments being considered by Tiger Co. The company requires a 8% return from its investments Project X1 $(118,e00) Project X2 $(196,000) Initial investment Expected net cash flows in: Year 1 44,eee 88,500 78,500 68,500 Year 2 54,500 79,500 Year 3 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.) Answer is complete but not entirely correct. Acceptable? IRR Project X1 Project X2 1.30 % Yes 1.04 % Yes