A project is estimated to cost $463,565 and provide annual net cash flows of $115,000 for nine years.

Present Value of an Annuity of $1 at Compound Interest

Year6%10%12%15%20%

10.9430.9090.8930.8700.833

21.8331.7361.6901.6261.528

32.6732.4872.4022.2832.106

43.4653.1703.0372.8552.589

54.2123.7913.6053.3522.991

64.9174.3554.1113.7843.326

75.5824.8684.5644.1603.605

86.2105.3354.9684.4873.837

96.8025.7595.3284.7724.031

107.3606.1455.6505.0194.192

Determine the internal rate of return for this project, using the Present Value of an Annuity of $1 at Compound Interest table shown above.