Need assistance with findingThe internal rate of return is between what two whole discount rate.(e.g., between 10% and 11%, between 11% and 12%, between 12% and 13%, between 13% and 14%, etc.)? See my attachment. I am getting 22.03% in cell I31 and connect states that is incorrect. Can anyone help with this formula?

Chapter 8: Applying Excel Data Example C Cost of equipment needed Working capital needed Overhaul of equipment in Salvage value of the equipment in Annual revenues and costs: Sales revenues Cost of goods sold Out-of-pocket operating costs Discount rate $783,000 $140,000 $20,000 $25,000 13 years 18 years $430,000 $225,000 $60,000 0.16 Enter a formula into each of the cells marked with a ? below Exhibit 8-4 Sales revenues Less cost of goods sold Less out-of-pocket costs Annual net cash inflows Purchase of equipment Working capital needed Overhaul of equipment Annual net cash inflows from sales of the product line Salvage value of equipment Working capital released Net present value *Use the formulas from Appendix 8B: Present value of $1 = 1/(1+r)^n Present value of an annuity of $1 = (1/r)*(1-(1/(1+r)^n)) where n is the number of years and r is the discount rate $ $ Year(s) Now Now 13 1- 18 18 18 430,000 $225,000 $60,000 145,000 Amount of 16% Cash Flow Factor* -$783,000 1.000 -$140,000 1.000 -$20,000 0.145 $ 145,000 5.818 $ 25,000 0.069 $ 140,000 0.069 Present Value of Cash Flows $ (783,000) (140,000) (2,905) 843,588 1,729 9,680 $ (70,908) computation of IRR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 irr $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ -$643,000 145,000 145,000 145,000 145,000 145,000 145,000 145,000 145,000 145,000 145,000 145,000 145,000 125,000 145,000 145,000 145,000 145,000 310,000 22.03%