Problem $3-14$

A pension fund is making an investment of $$120,000$ today and expects to receive $$1,800$ at the end of each month for the next five years. At the end of the fifth year, the capital investment of $$120,000$ will be returned.

Required:

What is the internal rate of return compounded annually on this investment?

Note: Do not round intermediate calculations and round your final answer to $1$ decimal place.

Answer is complete but not entirely correct.

$19\mathrm{.}6$ is not correct