Question: Middlefield Motors is evaluating a project that would require an initial investment of 87,460 dollars today. The project is expected to produce annual cash flows

Middlefield Motors is evaluating a project that would require an initial investment of 87,460 dollars today. The project is expected to produce annual cash flows of 7,509 dollars each year forever with the first annual cash flow expected in 1 year. The NPV of the project is 219 dollars. What is the IRR of the project? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.

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