Your firm is looking to invest in a project that has expected cashflows of $227,259.25 in the first year; they plan to close the project at that time. To start the project there is an initial investment of $221,716.34, and salvage value is expected to be 20% of the original investment (a cash-inflow in year 1).

The firm has a weighted average cost of capital (WACC) of 7.10%, but it wants to know at what rate of discount is NPV = 0 (ignore taxes)?