A client has requested advice on a potential investment opportunity involving an income-producing property. She would like you to determine the internal rate of return of the investment opportunity based on the following information: expected holding period: 5 years; end of first year NOI estimate: $114,000; NOI estimates in subsequent years will grow by 4% per year; price at which the property is expected to be sold at the end of year 5: $1,615,205; current market price of the property: $1,475,000. Show all your work.