Doga Bank is evaluating a new project. The initial investment required is $108,924.46 and the cost of capital is 9%. Expected cash flows over

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Doga Bank is evaluating a new project. The initial investment required is $108,924.46 and the cost of capital is 9%. Expected cash flows over the next four years are given below: Years Cash Flow ($) 1 15,000 2 50,000 3 47,000 4 39,000 What is the IRR of the project? 12.0% 13.4% 13.8% 13.0% 12.5%