Refer to the data regarding Farran Company in Exercise E26-24. Compute the IRR of each project, and use this information to identify the better investment.

Data From Exercise E26-24:

Use the NPV method to determine whether Farran Company should invest in the following projects:
• Project A: Costs $250,000 and offers six annual net cash inflows of $75,000. Farran Company requires an annual return of 16% on investments of this nature.
• Project B: Costs $450,000 and offers 10 annual net cash inflows of $90,000. Farran Company demands an annual return of 14% on investments of this nature