Ferguson Furniture is planning to expand their product line to include outdoor furniture. This will require the purchase of a new assembly line for $1,200,000. They expect to have a net income of $250,000, $280,000, $300,000, $325,000, and $360,000 for the first five years, respectively. Using the IRR calculation in Excel, what is the IRR for this project? 6.27% 5.84% 7.81% 8.49%