A consulting firm has asked you to analyze another project under consideration. It has an installed cost (at time period zero) of $575,000. The after-tax cash flows over the four-year life of the project are as follows:

Year 1: $158,679,

Year 2: $264,331,

Year 3: $285,159

Year 4: $ 82,308.

At what discount rate is the NPV equal to zero?

Multiple Choice

• 15.21%

• 10.85%

• 13.56%

• 14.77%