ABC company is considering whether or not to invest in a joint venture. The initial cost is $8.2 million and the estimated operating cash flows are shown in the following table: Period Cash Flow 1 $900,000 2 $930,000 3 $650,000 The firm's interest in the venture can be sold after three years with an estimated after-tax salvage value of $8 million. What is the IRR of this investment?

The firm's interest in the venture can be sold after three years with an estimated after-tax salvage value of $8 million. What is the IRR of this investment?

Group of answer choices

10.5%

14.1%

9.4%