A client has requested advice on a potential investment opportunity involving an income producing property. She would like you to determine the internal rate of return of the investment opportunity based on the following information:

Expected Holding Period:5 years

End of first year NOI estimate: $113,900

NOI estimates in subsequent years will grow by 5% per year

Price at which the property is expected to be sold at the end of year 5: $1,615,205.22

Current market price of the property: $1,475,667.71

Use the Trial and Error method with discount rate of 9% and 11% for NPV calculation them determine the IRR between it.