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Billabong Tech uses the internal rate of return​ (IRR) to select projects. Calculate the IRR for...

Billabong Tech uses the internal rate of return​ (IRR) to select projects. Calculate the IRR for each of the following projects and recommend the best project based on this measure. Project​ T-Shirt requires an initial investment of ​$19,500 and generates cash inflows of ​$9,000 per year for 5 years. Project Board Shorts requires an initial investment of ​$32 comma 500 and produces cash inflows of ​$14,000 per year for 6 years.

The IRR of the project T-shirt is _____%?

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