Following is information on two alternative investment projects being considered by Tiger Company. The company requires a $4\%$ return from its investments.

Project X$1$ Project X$2$

Initial investment $ $(130,000)$ $ $(220,000)$

Net cash flows in:

Year $150,00097,500$

Year $260,50087,500$

Year $385,50077,500$

Compute the internal rate of return for each of the projects using Excel functions. Based on internal rate of return, indicate whether each project is acceptable.

Note: Round your answers to $2$ decimal places.