Internal Rate of Return MethodThe internal rate of return method is used by King Bros. Construction Co. in analyzing a capital expenditure proposal that involves aninvestment of \$110,610 and annual net cash flows of \$18,000 for each of the 10 years of its useful life.Present Value of an Annuity of \$1 at Compound Interest6%Year10%12%15%20%0.9430.9090.8930.8700.8331.6261.5281.8331.7361.6902.4022.2832.6732.4872.1063.1703.4653.0372.8552.5892.9914.2123.7913.6053.3524.1114.9174.3553.7843.3265.5824.8684.5644.1603.6054.4873.8376.2105.3354.9686.8025.7595.3284.7724.0315.650107.3606.1455.0194.192a. Determine a present value factor for an annuity of \$1 which can be used in determining the internal rate of return. If required, roundecimal places.your answer to three Present Value of an Annuity of \$1 at Compound InterestYear6%10%12%15%20%0.9430.8700.9090.8930.8331.8331.7361.6901.6261.5282.6732.4872.4022.2832.10643.4653.1703.0372.8552.5894.2123.7913.6053.3522.9913.3264.9174.3554.1113.7845.5824.8684.5644.1603.6056.2104.9683.8375.3354.4875.7596.8025.3284.7724.031107.3606.1455.6505.0194.192a. Determine a present value factor for an annuity of \$1 which can be used in determining the internal rate of return. If required, roundyour answer to three decimal places.b. Using the factor determined in part (a) and the present value of an annuity of \$1 table above, determine the internal rate of return forthe proposal.%

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