Internal Rate of Return Method The Internal rate of return method is used by Testerman Construction Co. in analyzing a capital expenditure proposal that involves an investment of $57,680 and annual net cash flows of $16,000 for each of the seven years of its useful life Present Value of an Annuity of $1 at Compound Interest Year 6% 10% 12% 15% 20% 1 0.943 0.909 0.893 0.870 0.833 2 1.833 1.736 1.690 1.626 1.528 3 2.673 2.487 2.402 2.283 2.106 4 3.465 3.170 3.037 2.855 2.589 5 4,212 3.792 3.605 3.352 2.991 6 4.917 4.355 3.784 3.326 5.582 4.868 4.564 4.160 3.605 6.210 5.335 4.968 4.482 3.837 9 6.802 5.759 5.328 4.772 4,031 10 7.360 6.145 5.650 5.019 4.192 a. Determine a present value factor for an annuity of 51 which can be used in determining the internal rate of retum. If required, round your answer to three decimal places b. Using the factor determined in partca) and the present on any of stable above, determine the internal rate of return for the proposal