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 $62,496 and is expected to generate cash inflows of $36,000 each year for two years. The approximate internal rate of return on this project is?