Plymouth is looking at a new project on campus that will require an investment of $$500,000.$ The cash flows received in the first year are projected at $$75,000,$ and will grow by $$25,000$ each year. What is the projects IRR assuming a five year time period and $8\%$ cost of capital?

$12\mathrm{.}44\%$

$7\mathrm{.}75\%$

$10\mathrm{.}48\%$

$9\mathrm{.}25\%$

$6\mathrm{.}91\%$