Management of Blossom Automotive, a manufacturer of auto parts, is considering investing in two projects. The company typically compares project returns to a cost of funds of 17.00 percent. Year 0 Project 1 - $503,853 313,000 109,000 125,500 142,000 Project 2 - $575,531 126,750 185,170 259,700 289,050 Compute the IRRs based on the cash flows. Which project(s) will be accepted? (Round final answer to 2 decimal places, e.g. 15.25%.) The IRR of project 1 is % and the project should be The IRR of project 2 is % and the project should be