For the project shown in the following? table calculate the internal rate of return (IRR).

Then? indicate, for the? project, the maximum cost of capital that the firm could have and still find the IRR acceptable.

Initial Investment (CFo) $90,000

Year (t) Cash Flows

(CFt)

1 $ 50,000

2 $25,000

3 $ 15,000

4 $ 40,000

5 $ 15,000

The maximum cost of capital that the firm could have and still find the IRR acceptable is _____% round to two decimal places.