Mint Company is contemplating an investment costing $135,000. The investment will have a life of 8 years with no salvage value will produce annual cash flows of $25,305. TABLE 4 Present Value of an Annuity of 1 5% 6% (n) Payments 1 2 3 4 5 6 7 8 9 10 4% .96154 1.88609 2.77509 3.62990 4.45182 5.24214 6.00205 6.73274 7.43533 8.11090 8.76048 9.38507 9.98565 10.56312 11.11839 11.65230 12.16567 12.65930 13.13394 13.59033 .95238 .94340 1.85941 1.83339 2.72325 2.67301 3.54595 3.46511 4.32948 4.21236 5.07569 4.91732 5.78637 5.58238 6.46321 6.20979 7.10782 6.80169 7.72173 7.36009 8.30641 7.88687 8.86325 8.38384 9.39357 8.85268 9.89864 9.29498 10.37966 9.71225 10.83777 10.10590 11.27407 10.47726 11.68959 10.82760 12.08532 11.15812 12.46221 11.46992 7% 8% 9% 10% 11% 12% 1594 0.93458 .92593 .91743 .90909 90090 .89286 .8699 1.80802 1.78326 1.75911 1.73554 1.71252 1.69005 1.625 2.62432 2.57710 2.53130 2.48685 2.44371 2.40183 2.2832 3.38721 3.31213 3.23972 3.16986 3.10245 3.03735 2.8545 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 3.3521 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.7844 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 4.1604 5.97130 5.74664 5.53482 5.33493 5.14612 4.96764 4.4873 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 4.7215 7.02358 6.71008 6.41766 6.14457 5.88923 5.650225.0187 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 5.2337 7.94269 7.53608 7.16073 6.81369 6.49236 6.19437 5.4206 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 5.5831 8.74547 8.24424 7.78615 7.36669 6.98187 6.62817 5.7244 9.10791 8.55948 8,06069 7.60608 7.19087 6.81086 5.8473 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 5.95424 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 6.04716 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 6.12797 10.33560 9.60360 8.95012 8.36492 7.83929 7.36578 6.19823 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 6.25933 11 12 13 14 15 16 17 18 19 20 4 5 6 7 8 9 10 11 12 13 14 15 2.77509 2.72325 2.67301 2.62432 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.62990 3.54595 3.46511 3.38721 3.31213 3.23972 3.16986 3.10245 3.03735 2.85498 4.45182 4.32948 4.21236 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 5.24214 5.07569 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.78448 6.00205 5.78637 5.58238 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 4.16042 6.73274 6.46321 6.20979 5.97130 5.74664 5.53482 5.33493 5.14612 4.96764 4.48732 7.43533 7.10782 6.80169 6.51523 6.24689 5.99525 5.759025.53705 5.32825 4.77158 8.11090 7.72173 7.36009 7.02358 6.71008 6.41766 6.14457 5.88923 5.650225.01877 8.76048 8.30641 7.88687 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 5.23371 9.38507 8.86325 8.38384 7.94269 7.53608 7.16073 6.81369 6.49236 6.19437 5.42062 9.98565 9.39357 8.85268 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 5.58315 10.56312 9.89864 9.29498 8.74547 8.24424 7.78615 7.36669 6.98187 6.62817 5.72448 11.11839 10.37966 9.71225 9.10791 8.55948 8.06069 7.60608 7.19087 6.81086 5.84737 11.65230 10.83777 10.10590 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 5.95424 12.16567 11.27407 10.47726 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 6.04716 12.65930 11.68959 10.82760 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 6.12797 13.13394 12.08532 11.15812 10.33560 9.60360 8.95012 8.36492 7.83929 36578 6.19823 13.59033 12.46221 11.46992 10.59401 9.81815 9.12855 8.51356 7.96333 7.46944 6.25933 16 17 18 19 20 What is the approximate internal rate of return associated with this investment? (Use the above table.) % Internal rate of return
