A project is estimated to cost $362,672 and provide annual net cash flows of $76,000 for nine years.

A project is estimated to cost $362,672 and provide annual net cash flows of $76,000 for nine years. Determine the internal rate of return for this project, using Exhibit 2.

Answer:

15% 

[($362,672 ÷ $76,000) = 4.772, the present value of an annuity factor for nine periods at 15%, from Exhibit 2]