3. Calculate to at least four decimal places, answers should be stated as percentages to two places for example, 0.0956 = 9.56.Do not label the answer (%, $)

Given the following cash flows, the internal rate of return is:

Year	Cash Flows
0	-282,000
1	37,000
2	48,000
3	55,000
4	69,000
5	78,000
6	91,000

4. Consider the following information regarding Ariadne Fiberworks and the planned acquisition of a new weaving loom. The loom will cost 269,000 and will be fully depreciated over 12 years using straight-line depreciation. Operating cash flows in year 1 are anticipated to be 30,910 and will grow at 3.6% per year thereafter, and the initial investment in net working capital of 17,350 will be maintained throughout the life of the project. Assuming a 12-year life, the anticipated incremental cash flows in year 12 at the end of the project are: