Wildhorse Incorporated management is considering investing in two alternative Production systems. The systems are mutually exclusive, and the cost of the new equipment and the resulting cash flows are shown in the accompanying table. The firm uses a 10 percent discount rate for Production systems. Year System 1 System 2 0 -$15,700 -$46,600 1 14,600 33,400 2 14,600 33,400 3 14,600 33,400 Compute the IRR for both production system 1 and production system 2. (Do not round intermediate calculations. Round answers to 2 decimal places, e.g. 15.25%.) IRR of system 1 is Which has the higher IRR? has higher IRR. % and IRR of system 2 is %.