QUESHOH 3: INIERHAL RATE OF RETURN Walk-Sic} City Council {WEE} is considering the purchase of a sire tor a new landll. The purchase price tor the site is $25?.UDD and preparatory work will cost $83,080. The landll would be useable for TB years. WCC hired a consultant, who estimated that the new landll would cost $43,004:] per year less to operate that the current landll. The current landll will also lost TD more years. For a landll project. WCC can borrow money from the government at a subsidised role. WCC's required rate of relum is only 8 per cent for this project. It does not pay any income taxes. REQUIRED T . Calculate the internal rate of return. for the landll project. 2. Should WCC approve the project