Solomon Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company's cash outflow for operating expenses by $1,286,000 per year. The cost of the equipment is $5,585,858.03. Solomon expects it to have a 8-year useful life and a zero salvage value. The company has established an investment opportunity hurdle rate of 15 percent and uses the straight-line method for depreciation. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Calculate the internal rate of return of the investment opportunity. (Do not round Intermediate calculations.) b. Indicate whether the investment opportunity should be accepted. Velma and Keota (V&K) is a partnership that owns a small company. It is considering two alternative investment opportunities. The first investment opportunity will have a five-year useful life, will cost $8,672.77, and will generate expected cash inflows of $2,900 per year. The second investment is expected to have a useful life of four years, will cost $12,474.38, and will generate expected cash inflows of $3,600 per year. Assume that V&K has the funds available to accept only one of the opportunities. of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Calculate the internal rate of return of each investment opportunity. (Do not round intermediate calculations.) b. Based on the internal rates of return, which opportunity should V&K select