A 4-year investment project gives rise to the following cash flows. The project requires an outlay of 325,000 at outset and further expenses payable continuously throughout years 1 and 3 at annual rates of 2,200 and 3,500, respectively. In return, the project will generate the following net earnings at the end of each year: Year 1: Year 2: Year 3: Year 4: 8,500 13,200 17,400 16,800 . Finally, it is estimated that the project can be sold for 400,000 at the end of year 4. Calculate, to the nearest 0.1%, the annual internal rate of return resulting from this investment