Park Co. is considering an investment that requires immediate payment of $28,245 and provides expected cash inflows of $9,300 annually for four years. Assume Park Co. requires a 7% return on its investments.

QS 11-3 Internal rate of return LO P4

1-a. What is the internal rate of return? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Round your present value factor to 4 decimals.)