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 1 Project 1 - $493,834 283,000 118,000 132,500 148,000 Project 2 - $574,635 123,750 197,170 232,700 302,050 2 3 4. 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