****PLEASE SHOW EXCEL FORMULA****

You are provided with the projected income statements for a project:

Year	1	2	3	4
Revenues	$25,000	$26,250	$27,563	$28,941
- Cost of Goods Sold	13,750	14,438	15,160	15,918
- Depreciation	6,800	5,100	3,400	1,700
equals EBIT	$4,450	$6,712	$9,003	$11,323

The tax rate is 40%. The project required an initial investment of $17,000 and an additional investment of $1,000 at the end of year 2. The working capital is anticipated to be 5% of revenues, and the working capital investment has to be made at the beginning of each period. Assume that the cost of capital is 9%. What is the IRR? (answer format: 12.34%, 0.1234, or .1234)