Problem 3-10 John is considering the purchase of a lot. He can buy the lot today and expects the price to rise to $16.200 at the end of 10 years. He believes that he should earn an investment yield of 8 percent compounded annually on his investment. The asking price for the lat is $8.000 Required a. What is the internal rate of return compounded annually on the investment Join purchases the property for $1.000 and is able to el 10 years later for $16.2007 (Do not round your intermediate calculations and round your final answer to 2 decimal places) t. Should he by the lor Shah