Concord Company is considering two capital investment proposals. Estimates regarding each project are provided below: Project Nuts Initial investment Annual net income Net annual cash inflow Estimated useful life Salvage value Project Soup $260000 22000 78000 $460000 46000 112000 5 years 0 6 years 0 The company requires a 10% rate of return on all new investments, Present Value of an Annuity of Periods 5 9% 10% 11% 12% 3.89 3.791 3.696 3.605 4.486 4.355 4.231 4.111 6 The internal rate of return for Project Nuts is approximately