Carr Company is considering two capital investment proposals. Estimates regarding each project are provided below:

Project Soup

Project Nuts

Initial investment	$400,000	$600,000
Annual net income	20,000	42,000
Net annual cash inflow	100,000	142,000
Estimated useful life	5 years	6 years

Salvage value

-0-

-0-

The company requires a 10% rate of return on all new investments.

Present Value of an Annuity of 1

Periods	9%	10%	11%	12%
5	3.890	3.791	3.696	3.605
6	4.486	4.355	4.231	4.111

The internal rate of return for Project Nuts is approximately..?