Hosier and Wogan (H&W) is a partnership that owns a small company. It is considering two alternative investment opportunities. The first investment opportunity will have a four-year useful life, will cost $14,156.59, and will generate expected cash inflows of $3,900 per year. The second investment is expected to have a useful life of five years, will cost $15,164.51, and will generate expected cash inflows of $3,600 per year. Assume that H&W has the funds available to accept only one of the opportunities. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.)

Required

a.	Calculate the internal rate of return of each investment opportunity.