Problem:
Jacob has an opportunity to invest in a new retail development in his building. The initial investment is $50,000 and the expected cash-flows are as follows: Year 1: $2,500 Year 2: $5,000 Year 3: $5,000 Year 4: $7,500 Year 5: $10,000 Year 6: $10,000 Year 7: $15,000 Year 8: $15,000 What is Jacob's IRR on this investment? (No more than two decimals in the percentage interest rate, but do not enter the % sign.)