1.An individual decides to invest in a project which requires an initial outlay of $10 000. This project yields $10160 after 3 years, but zero cash flows before that.

Calculate the (annual) internal rate of return,in percentage, for this project. Round your answer to 2 decimal places

2.A young couple has made a nonrefundable deposit of the first month's rent (equal to $1000) on a one-year apartment lease. The next day they find another apartment that they like just as well, but its monthly rent is only $900. They plan to be in the apartment for a year. Should they switch to the new apartment? Assume an (annual) interest rate of 12%.

Ture or False