15a) You just purchased an interesting investment in latex paint for a total cost of $8455. You expect the investment to pay you an annual annuity stream at the end of years 1, 2, 3, 11, and 12. The first payment of the annuity stream is expected to be $285. Subsequent annuity payments are expected to grow at an annual rate of 3.7%. 12 years from today, immediately after receiving the last annuity payment, you expect to sell the entire investment for $15,531. Given its riskiness, the expected return, E(r), on the investment is 9.7% when expressed as an EAR. Determine the effective IRR for this investment on an annual basis.