Denton Music is considering investing $600,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $80,000 per year for the next ten years. Assume that Denton Music uses an 8% hurdle rate. What is the approximate internal rate of return (IRR) of the studio investment? Present Value of Annuity of $1: Continued: Continued: Future Value of Annuity of $1: Present Value of $1: Future Value of $1: The internal rate of return (IRR) is between: 6 and 8% 4 and 5% 8 and 10% 5 and 6%