2. A business venture requires an initial investment of $1,330,000 and lasts for 3 years. Expenses of $3,000 are incurred at the end of each month. Income is received monthly in arrears, at an initial annual rate of $500,000 per annum. It is assumed that the income will increase by 5% annually. Calculate the internal rate of return for the venture and the discounted payback period of the venture at an effective of interest of 4% per annum.