The intemal rate of return method is used by Royston Construction Co.in analyzing a capital expenditure proposal thut involves an irivestment of $108,875 and annual net cash flows of $25,000 for each of the 6 years of its useful life. Present Value of an Annuity of $1 at Comoound Interest a. Determine a present value factor for an annuity of \$1, which can be used in determining the internal rate of return, If required, round your answer to three decimal places. x b. Using the factor determined in part (a) and the present value of an annuity of 51 table above, determine the internal rate of retum for the proposal