Axis Corp. is studying two mutually exclusive projects. Project Kelvin involves an overhaul of the existing system; it will cost $25,000 and generate cash inflows of $15,000 per year for the next 3 years. Project Thompson replaces the existing system; it will cost $265,000 and generate cash inflows of $65,000 per year for 6 years. Using a(n) 8.58% cost of capital, calculate each project's NPV, and make a recommendation based on your findings. The NPV of project Kelvin is $17. (Round to the nearest cent.) 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 $20,500 and generates cash inflows of $9,000 per year for 5 years. Project Board Shorts requires an initial investment of $31,500 and produces cash inflows of $13,000 per year for 6 years. The IRR of project T-Shirt is%. (Round to two decimal places.)