QUESTION $3$

Wooden Forests is evaluating a project that would require an initial investment of $$51,133\mathrm{.}00$ today. The project is expected to produce annual cash flows of $$7,619\mathrm{.}00$ each year forever with the first annual cash flow expected in $1$ year.The NPV of the project is $$3,700.$ What is the IRR of the project?

$15\mathrm{.}54\%($plus or minus $2bps)$

$14\mathrm{.}31\%($plus or minus $2bps)$

$14\mathrm{.}90\%($plus or minus $2$ bps$)$

$4\mathrm{.}11\%($plus or minus $2bps)$

none of the answers are within $2$ bps of the correct answer