The Riverton Company, a ski resort, recently announced $997, 348 expansion to lodging properties, lifts, and terrain. Assume that this investment is estimated to produce $209,000 in equal annual cash flows for each of the first nine years of the project life. Present Value of an Annuity of $1 at Compound Interest Determine the expected internal rate of return of this project for nine years, using the present value of an annuity of $1 table above. If required, round your final answer to the nearest whole percent. %