Your firm is looking to invest in a project that has expected cashflows of $92,668.46 in the first year, $96,838.54 in the second year, $98,872.15 in the third year, $102,233.80 in the fourth year, $105,914.22 in the fifth year and they plan to close the project at that time. To start the project there is an initial investment of $198,610.86, and salvage value is expected to be 20% of the original investment (a cash-inflow in year 5).

The firm has a weighted average cost of capital (WACC) of 5.80%, but it wants to know at what rate of discount is NPV = 0 (ignore taxes)? (Hint use IRR equation (in excel) or solver add-in (also excel) tolerance is 0.1)