Question 2 Capital Budgeting Narrative (Use the following information for questions referring to the narrative): Izmir Estate is considering a new project. The initial investment required is $111,778.49 and the cost of capital is 9%. Expected cash flows over the next four years are given below: Years Cash Flow ($) 1 14,000 2 38,000 3 |60,000 70,000 4 Refer to the Capital Budgeting Narrative. What is the IRR of the project? 9.0% 14.9% 18.1% 18.0% 14.3%