This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems. Do not use algebraic formulas to calculate these problems.

Find the internal rate of return (IRR) for the following series of future cash flows. The initial outlay is $546,200.

Year 1: 173,600

Year 2: 145,600

Year 3: 125,800

Year 4: 145,300

Year 5: 166,300

Round the answer to two decimal places in percentage form.

You should use Excel or financial calculator.