Internal rate of return method

The internal rate of return method is used by Royston Construction Co$.$ in analyzing a capital expenditure proposal that involves an investment of $$108,875$

and annual net cash flows of $$25,000$ for each of the $6$ years of its useful life.

a$.$ Determine a present value factor for an annuity of $$1,$ which can be used in determining the internal rate of return. If required, round your answer to

three decimal places.

b$.$ Using the factor determined in part $($a$)$ and the present value of an annuity of $$1$ table above, determine the internal rate of return for the proposal.

$\%$