THX Ltd is a private equity firm that is considering investing in an investment project with a cost of R300m which will result in after-tax operating cash flows of R100m per year for 5 years. The company is considering borrowing R150m at an interest rate of 10% per year to partly finance the project. The loan is repayable at the end of year 5. The tax rate is 28%. Determine the IRR of the investment without any borrowing and the IRR if the company undertakes the borrowing.