Your client wishes to insure their Fen'ari. Mooncorp Insurance has quoted an annual premium to insure the car of EEG-[ll]. Mooncorp offers a 5% discount if you pay the lump sum immediately. They also offer an alternative payment method. The account can he paid in full by making 12 equal monthly payments of $2511], rather than the lump sum. with the rst payment due in 1 month. 1tl'll'hat is the effective annual opportunity cost of paying monthly? In other words. what interest rate is being charged if your client decides to use the repayment plan as opposed to the lump sum? You must provide one complete manual trial calculation of the IRR to demonstrate that you understand the process. Failure to follow this instruction will attract a mark of zero. [Rates as a percentage accurate to one basis point}