Peterbilt is evaluating a project to buy a project to convert existing office space into a production facility. It will take 14 years to complete the project at an initial cost of $4M paid immediately. The office conversion is expected to yield cash flow in 14 years of $7.96M. Alternatively, Peterbilt can buy a new warehouse and set up a production for a cost of $11.11M today, this project is estimated payoff $35.07M in 22 years. Clevelands cost of capital is 18.06% assume interest is compounded semiannually Find the IRR for each project and report the higher IRR.

The answer given was 5.29 but I'm not sure how to get there.