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 Project 1 Project 2 - $493,103 - $504,356 1 300,000 117,750 2 117,000 175,170 3 122,500 225,700 4 137,000 299,050 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 accepted rejected The IRR of project 2 is % and the project should be