Delon, Inc. is considering a capital investment (equipment) costing $78,000 with a 6-year useful life, and equal annual cash flows. The equipment has a net present value, $7,113, calculated at 9%. Use the following table:

Present Value of an Annuity of 1

Years 8% 9% 10%11% 12% 14%

64.6234.4864.3554.2314.1113.889

a) Calculate the Present Value Factor for an Annuity for this investment (round to 0.000).

b) Determine the Internal Rate of Return (IRR) of this investment.