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Cullumber Corporation is considering two alternative investments in excavating equipment. Investment A requires an initial...

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Accounting

Cullumber Corporation is considering two alternative investments in excavating equipment. Investment A requires an initial investment of $184,900, has positive cash flows of $27,800 per year, and has an estimated salvage value of $21,000. Investment B requires an initial investment of $235,300, has positive cash flows of $32,400 per year, and has an estimated salvage value of $19,200. Each piece of equipment is expected to have a 12-year useful life. Use Excel or a financial calculator to determine the internal rate of return of each project to decide which is more desirable. (Round answers to 2 decimal places, e.g.9.74%.)
is more desirable.
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