An advertising campaign will cost $500,000 for planning and $50,000 in each of the next five years. It is expected to increase revenues permanently by $50,000 per year. Additional revenues will be gained in the pattern of an arithmetic gradient with $20,000 in the first year, declining by $4,000 per year to zero in the sixth year.

Estimate the IRR of this investment.

		7% < IRR < 8%
		8% < IRR < 9%
		9% < IRR < 10%
		10% < IRR < 11%
		11% < IRR < 12%