Year 1 to Year 3 (Inclusive of Year3):$2,000 per year

Year 4 to Year 8 (Inclusive):$5,000 per year

Year 9 to Year12 (Inclusive):$3,000 per year

The introduction of the product requires an immediate outlay (expenditure) of $15,000 for equipment estimated to have a salvage value of $2,000 after 12 years. Compute the Internal Rate of Return (IRR) for the launch of this product.

What is the answer totwo decimal places.You must show your work.