S12-11 similar to) Jackson Music is considering investing $775,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $110,000 per year for the next nine years. Assume that Jackson Music uses a 10% hurdle rate. What is the approximate internal rate of return (IRR) of the studio Investment? (Click the icon to view the present value of an annuity table.) Click the icon to view the present value table.) (Click the icon to view the future value of an annuity table.) (Click the icon to view the future value table.) The internal rate of return (IRR) is between 5% and 6% 4% and 5% 6% and 8% 8% and 10% Periods 1% 3% 4% 16% 0.862 12% 0.893 1.690 0.980 14% 0.877 1.647 0.971 1.913 2.829 20% 0.833 18% 0.847 1.566 2.884 4.968 8.566 Present Value of Annuity of $1 5% 10% 0.952 0.943 0.926 0.909 1.833 1.783 1.736 2673 2.487 3.170 3.791 4.355 4.868 5.335 5.759 6.145 6.495 8.384 7.536 6.814 8.853 7.904 7.103 9.295 8.244 7.367 10.380 9.712 8.559 7.606 12.462 11.470 9.818 8.514 14,094 12.783 10.675 9.077 15.372 13.765 11258 9.427 17.159 15.046 11.925 9.779 5.328 10 9.471 10.368 8.983 5.650 8.530 9.253 9.954 5938 9.385 1130 10.636 9.986 11.296 11.938 6.628 10.563 11.118 13.590 15.622 6.194 6.424 6.811 7.469 16-351 14.877 6.623 413 7843 27.355 8.055 8.244 7.105 ods 6% 20% 1.000 2.200 3.640 5.368 7.442 1% 1.000 2.010 3.030 4.060 5.101 6.152 7.214 8.286 9.369 10.462 11.567 12.683 13.809 14.947 16.097 22.019 28.243 34.785 48.886 2% 1.000 2.020 3.060 4.122 5.204 6.308 7.434 8.583 9.755 10.950 12.169 13.412 14.680 15.974 17.293 24297 32.030 40.568 60.402 3% 4% 1.000 1.000 12.030 2.040 3.091 3.122 14.184 4246 5.309 15.416 6.468 6.633 7.662 7.898 18.892 9.214 10.159 10.583 11464 12.006 12.808 13.486 14.192 15.026 15.618 16.627 17.086 18.292 18.599 20.024 26.870 29.778 36.459 41.646 47.575 56.085 75.401 95.026 Future Value of Annuity of $1 5% 8% 10% 1.000 1.000 1.000 1.000 2.050 2.060 2.080 2.100 3.153 3.184 3.246 3.310 4.310 4.375 4.506 4.641 5.526 5.637 5.867 6.105 6.802 6.975 7.336 7.716 8.142 8.394 8.923 9.487 9.549 9.897 10.637 11.436 11.027 11491 12.488 13.579 12.578 13.181 14.487 15.937 14.207 14.972 16.645 18.531 15.917 16.870 18.977 21.384 17.713 18.882 21.495 24.523 19.599 21.015 24.215 27.975 21.579 23.276 27.152 31.772 33.066 36.786 45.762 57.275 47.727 54.865 73.106 98.347 66.43979.058 113.283 | 164.494 120.800 154.762 259.057 442.593 12% 1.000 2.120 3.374 4.779 6.363 8.115 10.089 12.300 14.776 17.549 20.655 24.133 28.029 32.393 37.280 72.052 133.334 241.333 767.091 14% 1.000 2.140 3.440 4.921 6.610 8.536 10.730 13.233 16.085 19.337 23.045 27.271 32.089 37.581 43.842 91.025 181.871 356.787 1,342.025 16% 18% 1.000 1.000 2.160 2.180 3.506 3.572 5.066 5.215 6.877 7.154 8.977 9.442 11.414 12.142 14.240 15.327 17.519 19.086 21.321 23.521 25.733 28.755 30.850 34.931 36.786 42.219 43.672 50.818 51.660 60.965 115.380 146.628 249.214 342.603 530.3127 90.948 2,360.757 4,163.213 9.930 12.916 16.499 20.799 25.959 32.150 39.581 48.497 59.196 72.035 6 186.688 471.981 1,181.882 7,343.858 Periods 0.56 3456789mH28 Present Value of $1 11 10% 6.999 - 0.980 | 0.971 | 0.962 | 0.952 0.943 | 0.926 0.909 | 0.893 0.877 0.862 0.847 0633 10.960 0.961 | 0.943 | 0.925 10.907 10.890 0.8570.626 10.797 10.769 | 0.743 0.7 18 | 9 0.974 0.942 | 0.915 0.009 0.864 0.840 | 0.794 0.751 10.712 | 0.675 | 0.641 0.609 0.96] |0924 10.006 0.855 | 0.823 | 0.792 0.735 0.683 | 0.636 | 0.592 | 0.552 16.95 0.906 | 0.863 | 0.822 | 0.784 | 0.747 0.681 0.621 | 0.567 0.519 | 0.476 | 0.437 0.402 0.942 0.888 10.837 | 0.790 10.746 | 0.705 0.630 0.564 0.507 10.4566 | 0.410 | 0.370 | 0.335 6.933 0.871 | 0.813 | 0.760 10.71110.665 0563 | 0.513 | 0.452 | 0.400 | 0.354 | 0.314 0279 0.923 | 0.853 0.789 | 0.731 | 0.67 | 0.62 0.540 | 0.467 | 0.404 | 0.351 | 0.305 0.266 1.233 6.914 0.837 | 0.766 10.703 0.645 16.592 0.500 10.424 | 0.361 | 0.308 | 0.263 | 0.225- 6.194 0.905 - 0.820 0.744 | 0.676 | 0.614 | 0.558 0.463 0.366 | 0.322 | 0.270 | 0.227 | 0.19 0.162 A.696 10.604 | 0.722 | 0.650 | 0.565 0.527 429 | 0.350 || 0.287 | 0.237 10.195 | 10.162 0.135 4.887 0.768 | a701 10.625 0.557 10.497 | 0.319 | 0.257 | 0.206 0.168 013 012 0.679 0.773 0.66110.601 | 0.530 0.469 0.366 10.290 0.229 | 10.182 | 0.145 15 0.870 0.758 10.66] | 0.57 0.505 0.442 -0.263 0205 0.160 | 0.125 0699 4.65] 0.642 | 0.55 0401 6.417 03150239 1.163. 0.106 4 0673 0.456 0.312 0215 0.149 0.104 0.073 0.051 0.780 0.610 | 0478 | 0.375 | 02950.233 0.146 0.092 0.059 10.036 10.024 2016 0.742 10.552 | 0.412 10.308 10231 0.174 | 1099 0.057 0.03 | 0.020 0.012 10 0.672 10.453 | 0.307 0.206 0.142 0.0970.046 0.022 | 0.011 10.005 0.003 | 0.001 000+ 0397 193 0.140 194 L 55 | 0.58 | 2016 004 Future Value of $1 1010 1.000 1.040 1.06] 1.062 1300 1.42 1.6 1.925 1.104 1000 1061 1.093 1.126 1.159 1.194 1230 1267 1.34 1. 10 136 1.86] 1.811 2.10 2.436 2.826 3.278 3.803 123 s bregmhUp 1.105 1.16 1.127 1.138 1.040 1.082 1.125 1.170 1.217 1.265 1.316 1399 1.423 1.460 1.539 1.601 1.665 1.732 1.801 2.191 2 3243 4. 801 1.126 1.149 1.172 1.219 1.243 1268 1294 1.319 1.346 1.486 14 1.811 2 % 1050 1.103 1.158 1.216 1276 1.340 1.407 1.4T 1.551 1.629 1710 1.796 1.86 1980 2.079 2653 3386 4 322 TCO 2.15 2.502 2.853 3.252 3.7 1.60 1.124 1.19] 1.262 1.336 1.419 1.504 1.594 1.6 1.791 1.898 2012 2.133 2261 2.397 3207 4.292 5.743 | 10 28 1,120 1254 1.405 1.574 1.762 1.772 1974 1949 2.21 2.144 2476 2358 2.773 2.594 3106 2853 3.479 3.136 3.696 3.452 4.363 3.797 4.867 4.1 5.474 | 6. TCT 9646 1 | 10 835 17.00 7449 259 1 051 1.16 1260 13 1.469 1587 1.714 1.85] 1.999 2.159 2.332 2.518 720 2937 3 4.66] 16888 | 0.063 | 21.72 1. 10 13 1.643 1.939 2.268 2.700 3.165 3.759 4.435 5.234 5.175 7266 8.599 10.147 11.974 27.393 669 143 371 750 376 1200 1.440 1.26 2.074 2.468 2.966 3.563 4.300 5.160 6.192 7.430 8.916 10.699 12.99 15.407 30.36 5 396 237 376 1469.772 016 ? 6261 7.130 5.117 5.036 6.666 7.966 9266 1.426 1.469 1.513 1.558 1.806 2004 2427 362 3.743 19,461 | 26.462 - | 474 | 50.950 | 85 850 | 1 8 | 376.2