Management of Crane 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
0		- $455,506			- $547,522
1		277,000			121,750
2		102,000			174,170
3		122,500			266,700
4		135,000			268,050

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 rejected/accepted.