Present Value of an Annuity of 1Periods8%9%10%1.926.917.90921.7831.7591.73632.5772.5312.487

A company has a minimum required rate of return of 8%. It is considering investing in a project that costs $65116and is expected to generate cash inflows of $26000each year for three years. The approximate internal rate of return on this project is?

less than the required 8%.

9%.

10%.

11%.