Jammersmith Inc. is considering a new project that will cost $$1,200,000.$ The project is expected to generate the following cash flows over the next five years: $$500,000$ in year one, $$400,000$ in year two, $$300,000$ in year three, $$200,000$ in year four, and $$100,000$ in year five. Jammersmith's required rate of return is $12\%$

What is the internal rate of return of this project?

$13\mathrm{.}95\%$

$12\mathrm{.}04\%$

$10\mathrm{.}39\%$

$8\mathrm{.}18\%$