You are analyzing a potential project for your firm. It costs $15,000 to survey land development for feasibility purposes. If it is feasible, the projects cost $16,000. The projects future cash flows are expected to be: $5,000 in year 1, $8,000 in year 2, $0 in year 3, $6,000 in year 4, and $10,000 in year 5. There is also a $4,000 salvage value in year 5. Your firms discount rate is 15%. Calculate the internal rate of return.

Need exact answer- Not approximate: