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 five-year useful life, will cost $11,279.99, and will generate expected cash inflows of $2,900 per year. The second investment is expected to have a useful life of four years, will cost $8,394.54, and will generate expected cash inflows of $3,000 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.