Engineering Economy

Formula $5$ points

Note: This is$.$ computationally, the longest problem. You might want to consider answering the rest and coming back to this one. Or at least do not spend more than $15$ minutes on it before moving on to the rest and coming back if there is time.

You invested $$500$ in an account. The account paid you $$114$ every year for $5$ years. What was the internal rate of return $($IRR$)?$

Hint: You will need to use the interpolation formula and can start with $i1=9\%.$

Submit your final answer as a decimal to $4$ decimal places. EX: $0\mathrm{.}1234$

Margin of error $/-0\mathrm{.}005$ Enter your answer up to $4$ decimal places.

Answer