Tanya Sinclair, owner of Walla Walla Fine Wine, is considering investing $279,559 in a temperature-controlled wine storage room. She plans to rent space to customers and expects to generate $62,300 annually (rental charges less miscellaneous expenses other than depreciation).

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Assuming Tanya wishes to evaluate the project with a 8-year time horizon, what is the internal rate of return of the investment? (Ignore taxes.)