A capital project with a net present value (NPV) of $23.29 has the following cash flows:

Year 0: -100
Year 1: 30
Year 2: 40
Year 3: 40
Year 4: 30
Year 5: 20

The internal rate of return (IRR) for the project is closest to ______.

Explanation: Using a calculator, enter CF0 = -100, CF1 = 30, CF2 = 40, CF3 = 40, CF4 = 30, CF5 =20, solve for IRR. The IRR is 19.25%.