Project LMK requires an initial outlay of $500,000 and has a profitability index of 1.4. The project

Question:

Project LMK requires an initial outlay of $500,000 and has a profitability index of 1.4. The project is expected to generate equal annual cash flows over the next ten years. The required return for this project is 16%. What is project LMK's internal rate of return?