Renolds Corporation is considering two alternative investments in excavating equipment. Investment A requires an initial investment of $185,000, has positive cash flows of $27,200 per year, and has an estimated salvage value of $21,800. Investment B requires an initial investment of $241,000, has positive cash flows of $32,600 per year, and has an estimated salvage value of $19,200. Each piece of equipment is expected to have a 11-year useful life. Use a financial calculator to determine the internal rate of return of each project to decide which is more desirable. (Round answer to 2 decimal places, e.g. 25.25.)

Renolds Corporation is considering two alternative investments in excavating equipment. Investment Arequires an initial investment of $185,000, has positive cash flows of $27,200 per year, and has an estimated salvage value of $21,800. Investment B requires an initial investment of $241,000, has positive cash flows of $32,600 per year, and has an estimated salvage value of $19,200. Each piece of equipment is expected to have a 11-year useful life. Use a financial calculator to determine the internal rate of return of each project to decide which is more desirable. (Round answer to 2 decimal places, e.g. 25.25.) Internal rate of return Investment A % Investment B %