#9)

Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 7 percent, and that the maximum allowable payback and discounted payback statistics for the project are 2.0 and 3.0 years, respectively.

Time:	0	1	2	3	4	5	6
Cash flow:	$8,900	$1,070	$2,270	$1,470	$1,470	$1,270	$1,070

Use the IRR decision rule to evaluate this project.

IRR= _%