You are reviewing a new project and have estimated the following cash flows: Year 0: CF = -170,000; Year 1: CF = 64,120; Year 2: CF = 70,800; Year 3: CF = 92,330

If the required rate of return is 12%, calculate IRR= ( ).

		25 %
		6 %
		17%
		8.7 %
		9.5 %
		10.5 %
		11.8 %
		12 %
		15.0 %
		16 %