Music is considering investing $ 775 comma 000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $ 115, 000 per year for the next ten years. Assume that Jackson Music uses a 10?% hurdle rate. What is the approximate internal rate of return? (IRR) of the studio? investment?

The internal rate of return (IRR) is between Reference 5% and 6% 6% and 8% 4% and 5% 8% and 10% Periods 1% | 2% 1 0.990 0.980 21.9701.942 3 2941 2884 4 3.902 3.808 5 4.853 4713