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 $10,161.63, and will generate expected cash inflows of $3,000 per year. The second investment is expected to have a useful life of three years, will cost $9,518.69, and will generate expected cash inflows of $4,100 per year. Assume that H&W has the funds available to accept only one of the opportunities. Required a. Calculate the internal rate of return of each investment opportunity Internal Rate of Return First investment Second investment % % b. Based on the internal rates of return, which opportunity should H&W select? Second investment O First investment