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.

Question 3 (1 point)

Find the internal rate of return (IRR) for the following series of future cash flows. The initial outlay is $507,212.

Year 1: 149,300

Year 2: 186,600

Year 3: 142,200

Year 4: 198,500

Year 5: 185,200

Round the answer to two decimal places in percentage form.