A pension fund is making an investment of $118,000 today and expects to receive $1,780 at the end of each month for the next five years. At the end of the fifth year, the capital investment of $118,000 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.

= 19.68% and 19.7% are incorrect