You're an advisor looking at an investment for one of your clients today in private equity (an LLC), with an initial investment requirement of $44,000. It will generate annual cash inflows of $12,770 for a total of five years, and then cease, with the first of these five cash inflows coming exactly two years from now. What do you tell your client is the projected annual return (%) for this project?: (Hint: draw a timeline & be sure to think CAREFULLY about the timing of the cash flows.)