Present Value of an Annuity of 1
Periods	8%	9%	10%
1	.926	.917	.909
2	1.783	1.759	1.736
3	2.577	2.531	2.487

A company has a minimum required rate of return of 8%. It is considering investing in a project that costs $111364 and is expected to generate cash inflows of $44000 each year for three years. The approximate internal rate of return on this project is