Petrus Company has a unique opportunity to invest in a two-year project in Australia. The project is expected to generate 1,000,000 Australian dollars (A$) in the first year and 2,000,000 Australian dollars in the second. Petrus would have to invest A$1,500,000 in the project. Petrus has determined that the cost of capital for similar projects is 14%. What is the internal rate of return of this project if the spot rate of the Australian dollar for the two years is forecasted to be $0.55 and $0.60, respectively? Assume the current spot rate to be $0.50. Answer 7.76% 53.52% 9.64% 68.36%