John douglas best friend is offering him an investment opportunity that has the following cash flows:

End of year	Cash Outflow	Cash Inflow
0 (initial cost)	$5,500
1		$1,000
2		0
3		6,000

The internal rate of return (IRR) of this investment is ..

12.08%.

9.37%.

10.12%.

8.80%.

13.93%.