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 and will cost $16,336.53, and will generate expected cash inflows of $4,200 per year. The second investment is expected to have a useful life of five years, will cost $8,926.01, and will generate expected cash inflows of $2,600 per year. Assume that V&K has the funds available to accept only one of the opportunities. (PV of $1 and PVA of $1) use appropriate factors 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?