Coolplay Corp. is thinking about opening a soccer camp in southern California. To start the camp, Coolplay would need to purchase land and build four soccer fields and a sleeping and dining facility to house 150 soccer players. Each year, the camp would be run for 8 sessions of 1 week each. The company would hire college soccer players as coaches. The camp attendees would be male and female soccer players ages 1218. Property values in southern California have enjoyed a steady increase in value. It is expected that after using the facility for 20 years, Coolplay can sell the property for more than it was originally purchased for. The following amounts have been estimated.

Cost of land		$331,200
Cost to build soccer fields, dorm and dining facility		$662,400
Annual cash inflows assuming 150 players and 8 weeks		$1,015,680
Annual cash outflows		$927,360
Estimated useful life		20 years
Salvage value		$1,656,000
Discount rate		8%

Assume that during the first 5 years, the annual net cash flows each year were only $44,160. At the end of the fifth year, the company is running low on cash, so management decides to sell the property for $1,470,528. What was the actual internal rate of return on the project? (Round answer to 0 decimal places, e.g. 13%. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

TABLE 1 Future Value of 1 (n) Periods 4% 5% 6% 7% 9% 10% 11% 12% 0 1 2 3 4 5 1.00000 1.04000 1.08160 1.12486 1.16986 1.21665 1.00000 1.05000 1.10250 1.15763 1.21551 1.27628 1.00000 1.06000 1.12360 1.19102 1.26248 1.33823 1.41852 1.50363 1.59385 1.68948 1.79085 8% 1.00000 1.08000 1.16640 1.25971 1.36049 1.46933 1.00000 1.09000 1.18810 1.29503 1.41158 1.53862 1.67710 1.82804 1.99256 2.17189 2.36736 1.00000 1.10000 1.21000 1.33100 1.46410 1.61051 1.00000 1.11000 1.23210 1.36763 1.51807 1.68506 1.00000 1.12000 1.25440 1.40493 1.57352 1.76234 6 7 8 9 10 1.34010 1.40710 1.47746 1.55133 1.62889 1.00000 1.07000 1.14490 1.22504 1.31080 1.40255 1.50073 1.60578 1.71819 1.83846 1.96715 2.10485 2.25219 2.40985 2.57853 2.75903 2.95216 3.15882 3.37993 3.61653 3.86968 1.58687 1.71382 1.85093 1.99900 2.15892 1.97382 2.21068 2.47596 2.77308 3.10585 1.26532 1.31593 1.36857 1.42331 1.48024 1.53945 1.60103 1.66507 1.73168 1.80094 1.87298 1.94790 2.02582 2.10685 2.19112 11 12 13 14 15 15% 1.00000 1.15000 1.32250 1.52088 1.74901 2.01136 2.31306 2.66002 3.05902 3.51788 4.04556 4.65239 5.35025 6.15279 7.07571 8.13706 9.35762 10.76126 12.37545 14.23177 16.36654 1.71034 1.79586 1.88565 1.97993 2.07893 1.89830 2.01220 2.13293 2.26090 2.39656 2.33164 2.51817 2.71962 2.93719 3.17217 3.42594 3.70002 3.99602 4.31570 4.66096 1.77156 1.94872 2.14359 2.35795 2.59374 2.85312 3.13843 3.45227 3.79750 4.17725 4.59497 5.05447 5.55992 6.11591 6.72750 2.58043 2.81267 3.06581 3.34173 3.64248 3.97031 4.32763 4.71712 5.14166 5.60441 1.87041 2.07616 2.30454 2.55803 2.83942 3.15176 3.49845 3.88328 4.31044 4.78459 5.31089 5.89509 6.54355 7.26334 8.06231 3.47855 3.89598 4.36349 4.88711 5.47357 6.13039 6.86604 7.68997 8.61276 9.64629 16 17 18 19 20 2.18287 2.29202 2.40662 2.52695 2.65330 2.54035 2.69277 2.85434 3.02560 3.20714 TABLE 2 Future Value of an Annuity of 1 (n) Payments 1 2 3 4 5 6 7 8 9 10 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% 1.00000 1.00000 1.00000 1.0000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 2.04000 2.05000 2.06000 2.0700 2.08000 2.09000 2.10000 2.11000 2.12000 2.15000 3.12160 3.15250 3.18360 3.2149 3.24640 3.27810 3.31000 3.34210 3.37440 3.47250 4.24646 4.31013 4.37462 4.4399 4.50611 4.57313 4.64100 4.70973 4.77933 4.99338 5.41632 5.52563 5.63709 5.7507 5.86660 5.98471 6.10510 6.22780 6.35285 6.74238 6.63298 6.80191 6.97532 7.1533 7.33592 7.52334 7.71561 7.91286 8.11519 8.75374 7.89829 8.14201 8.39384 8.6540 8.92280 9.20044 9.48717 9.78327 10.08901 11.06680 9.21423 9.54911 9.89747 10.2598 10.63663 11.02847 11.43589 11.85943 12.29969 13.72682 10.58280 11.02656 11.49132 11.9780 12.48756 13.02104 13.57948 14.16397 14.77566 16.78584 12.00611 12.57789 13.18079 13.8164 14.48656 15.19293 15.93743 16.72201 17.54874 20.30372 13.48635 14.20679 14.97164 15.7836 16.64549 17.56029 18.53117 19.56143 20.65458 24.34928 15.02581 15.91713 16.86994 17.8885 18.97713 20.14072 21.38428 22.71319 24.13313 29.00167 16.62684 17.71298 18.88214 20.1406 21.49530 22.95339 24.52271 26.21164 28.02911 34.35192 18.29191 19.59863 21.01507 22.5505 24.21492 26.01919 27.97498 30.09492 32.39260 40.50471 20.02359 21.57856 23.27597 25.1290 27.15211 29.36092 31.77248 34.40536 37.27972 47.58041 21.82453 23.65749 25.67253 27.8881 30.32428 33.00340 35.94973 39.18995 42.75328 55.71747 23.69751 25.84037 28.21288 30.8402 33.75023 36.97351 40.54470 44.50084 48.88367 65.07509 25.64541 28.13238 30.90565 33.9990 37.45024 41.30134 45.59917 50.39593 55.74972 75.83636 27.67123 30.53900 33.75999 37.3790 41.44626 46.01846 51.15909 56.93949 63.43968 88.21181 29.77808 33.06595 36.78559 40.9955 45.76196 51.16012 57.27500 64.20283 72.05244 102.44358 11 12 13 14 15 16 17 18 19 20 TABLE 3 Present Value of 1 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% (n) Periods 1 2. 3 4 5 .96154 .92456 .88900 .85480 .82193 .95238 .90703 .86384 .82270 .78353 .94340 .89000 .83962 .79209 .74726 0.93458 0.87344 0.81630 0.76290 0.71299 .92593 .85734 .79383 .73503 .68058 .91743 .84168 .77218 .70843 .64993 .90090 .81162 .73119 .65873 .59345 .89286 .79719 .71178 .63552 .56743 .86957 .75614 .65752 .57175 .49718 6 7 8 9 10 .74622 .71068 .67684 .64461 .61391 .70496 .66506 .62741 .59190 .55839 .63017 .58349 .54027 .50025 .46319 .59627 .54703 .50187 .46043 .42241 .50663 .45235 .40388 .36061 .32197 .90909 .82645 .75132 .68301 .62092 .56447 .51316 .46651 .42410 .38554 .35049 .31863 .28966 .26333 .23939 .79031 .75992 .73069 .70259 .67556 .64958 .62460 .60057 .57748 .55526 .43233 .37594 .32690 .28426 .24719 11 12 13 14 15 .58468 .55684 .53032 .50507 .48102 0.66634 0.62275 0.58201 0.54393 0.50835 0.47509 0.44401 0.41496 0.38782 0.36245 0.33873 0.31657 0.29586 0.27615 0.25842 .52679 .49697 .46884 .44230 .41727 .42888 .39711 .36770 .34046 .31524 .38753 .35554 .32618 .29925 .27454 .53464 .48166 .43393 .39092 .35218 .31728 .28584 .25751 .23199 .20900 .18829 .16963 .15282 .13768 .12403 .28748 .25668 .22917 .20462 .18270 .21494 .18691 .16253 .14133 .12289 16 17 18 19 20 .53391 .51337 .49363 .47464 .45639 .45811 .43630 41552 .39573 .37689 .39365 .37136 .35034 .33051 .31180 .29189 .27027 .25025 .23171 .21455 .25187 .23107 .21199 .19449 .17843 .21763 .19785 .17986 .16351 .14864 .16312 .14564 .13004 .11611 .10367 .10687 .09293 .08081 .07027 .06110 TABLE4 Present Value of an Annuity of 1 4% 5% 6% 7% 8% 9% 10% 11% 15% (n) Payments 1 2 3 4 5 .95238 1.85941 2.72325 3.54595 4.32948 .94340 1.83339 2.67301 3.46511 4.21236 0.93458 1.80802 2.62432 3.38721 4.10020 .92593 1.78326 2.57710 3.31213 3.99271 .91743 1.75911 2.53130 3.23972 3.88965 .90909 1.73554 2.48685 3.16986 3.79079 .90090 1.71252 2.44371 3.10245 3.69590 .86957 1.62571 2.28323 2.85498 3.35216 .96154 1.88609 2.77509 3.62990 4.45182 5.24214 6.00205 6.73274 7.43533 8.11090 4.76654 5.38929 5.97130 6.51523 7.02358 4.35526 4.86842 5.33493 5.75902 6.14457 4.91732 5.58238 6.20979 6.80169 7.36009 7.88687 8.38384 8.85268 9.29498 9.71225 5.07569 5.78637 6.46321 7.10782 7.72173 8.30641 8.86325 9.39357 9.89864 10.37966 10.83777 11.27407 11.68959 12.08532 12.46221 4.62288 5.20637 5.74664 6.24689 6.71008 7.13896 7.53608 7.90378 8.24424 8.55948 4.48592 5.03295 5.53482 5.99525 6.41766 6.80519 7.16073 7.48690 7.78615 8.06069 12% .89286 1.69005 2.40183 3.03735 3.60478 4.11141 4.56376 4.96764 5.32825 5.65022 5.93770 6.19437 6.42355 6.62817 6.81086 6.97399 7.11963 7.24967 7.36578 7.46944 11 12 13 14 15 3.78448 4.16042 4.48732 4.77158 5.01877 5.23371 5.42062 5.58315 5.72448 5.84737 8.76048 9.38507 9.98565 10.56312 11.11839 4.23054 4.71220 5.14612 5.53705 5.88923 6.20652 6.49236 6.74987 6.98187 7.19087 7.37916 7.54879 7.70162 7.83929 7.96333 6.49506 6.81369 7.10336 7.36669 7.60608 7.49867 7.94269 8.35765 8.74547 9.10791 9.44665 9.76322 10.05909 10.33560 10.59401 16 17 18 19 20 11.65230 12.16567 12.65930 13.13394 13.59033 10.10590 10.47726 10.82760 11.15812 11.46992 8.85137 9.12164 9.37189 9.60360 9.81815 8.31256 8.54363 8.75563 8.95012 9.12855 7.82371 8.02155 8.2 0141 8.36492 8.51356 5.95424 6.04716 6.12797 6.19823 6.25933