The Proprietor of Qwik Film Lab Recently Purchased $12,400 of New

Short Answer

The proprietor of Qwik Film Lab recently purchased $12,400 of new film-processing equipment. She expects that this investment, which has a useful life of 4 yr, will yield returns of $4,400 at the end of the first year, $5,200 at the end of the second year, $4,300 at the end of the third year, and $3,100 at the end of the fourth year. Find the internal rate of return on the investment.
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Round your answer to the nearest hundredth, if necessary.
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__________ % per yr