Management of Crane Measures, Inc., is evaluating two independent projects. The company uses a 12.62 percent discount rate for such projects. The costs and cash flows for the projects are shown in the following table. Year Project 1 Project 2 0 - $8,066,549 - $11,655,500 1 3,003,590 2,165,830 2 1,608,490 3,783,590 3 1,465,800 2,820,680 4 1,061,800 4,040,500 5 1,153,880 4,449,580 6 1,708,040 7 1,266,990 a. What are the IRRs for the projects? (Round final answer to 2 decimal places, e.g. 15.25%.)

The IRR of Project 1 is _____%, and the IRR of Project 2 is ______%