Question: Question 17 (6 points) Blue Demon Cycle Shop is considering the purchase of used mopeds to be rented to city tourists. The mopeds cost $18,922.41

Question 17 (6 points) Blue Demon Cycle Shop is considering the

Question 17 (6 points) Blue Demon Cycle Shop is considering the purchase of used mopeds to be rented to city tourists. The mopeds cost $18,922.41 and are expected to produce cash flows of $5,000 per year for 6 years from rental fees. Blue Demon's cost of capital is 14%. Calculate the projects approximate IRR. (Even though you will use a calculator to solve for IRR, including formulas and describing your thoughts will help with partial credit should that be needed.) (Also, draw a time line!) AJ

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