There are two projects under consideration by the Rainbow factory. Each of the projects will require an initial investment of $35,514 and is expected to generate the following cash flows:

	First Year	Second Year	Third Year	Total
Alpha Project	$32,500	$23,000	$4,500	$60,000
Beta Project	8,000	23,000	30,633	61,633

A. Calculate the internal rate of return on both projects. Use the IRR spreadsheet function to calculate internal rate of return.

Alpha Project	%
Beta Project	%