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An advertising campaign will cost $180,000 for planning and $32,000 in each of the next six years. It is expected to increase revenues permanently by

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An advertising campaign will cost $180,000 for planning and $32,000 in each of the next six years. It is expected to increase revenues permanently by $32,000 per year. Additional revenues will be gained in the pattern of an arithmetic gradient with $16,000 in the first year, declining by $4,000 per year to zero in the fifth year. What is the IRR of this investment? If the company's MARR is 9 percent, is this a good investment? The IRR is percent, which is the MARR, so the advertising campaign a good investment. (Round to one decimal place as needed.)

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