Walker Enterprises Co. is evaluating a proposed capital budgeting project that will require an initial investment of $1, 200,000. The project is expected to generate the following net cash flows: Walker Enterprises Co. has been basing capital budgeting decisions on a project's NPV; however, its new CFO wants to start using the internal rate of return (IRR) method for capital budgeting decisions. The CFO says that the IRR is a better method, because percentages and returns are easier to understand and to compare to required returns. Walker Enterprises Co.'s WACC is 9%. Which of the following is the IRR of the project