A project has the cash flows given in the table below. The project has required rate of return of 12.4 percent and Net Present Value (NPV) of -$96,700. Calculate the project's internal rate of return (IRR).

Year Cash Flow

0 Not Given

1 $246,000

2 $246,000

3 $253,000

4 $253,000

5 $253,000

Group of answer choices

13.48 percent

16.91 percent

10.61 percent

8.37 percent

9.81 percent