The management of FICSIT Inc. is considering two capital investment projects. The estimated net cash flows from each project are as follows:

$\backslash$table$[[$Year$,$Wind Turbines,Biofuel Equipment$],[1,$$$270,000,$$$300,500],[2,270,000,300,500],[3,270,000,300,500],[4,270,000,300,500]]$

The wind turbines require an investment of $$877,600,$ while the biofuel equipment requires an investment of $$910,000.$ No residual value is expected from either project.

b$.$ Determine the internal rate of return for each project by:

i$.$ computing a present value factor for an annuity of $$1$ and

ii$.$ using the present value of an annuity of $$1$ table appearing in this chapter $($Exhibit $5).$