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A pension fund is making an investment of $ 1 0 0 , 0 0 0 today and expects to receive $ 1 , 6

A pension fund is making an investment of $100,000 today and expects to receive $1,600 at the end of each month for the next five years. At the end of the fifth year, the capital investment of $100,000 will be returned.
Required:
What is the internal rate of return compounded annually on this investment?
Note: Do not round intermediate calculations and round your final answer to 1 decimal place.
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