RII, a Japanese electronic accessories firm, uses the internal rate of return (IRR) to select projects. Project RK100 Rubber Keyboard requires an initial investment of ¥1,000,000 and generates cash inflows of ¥220,000 per year for 5 years. Project MK300 Mechanical Keyboard requires an initial investment of ¥2,000,000 and generates cash inflows of ¥550,000 per year for 5 years. Calculate the IRR for each project and recommend the best project based on this measure.