Erica wants to replace her old washing machine with a new one. in order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. in this instance, erica is planning to buy a(n) product.a) convenience b) unsought
c) specialty
d) shopping
e) exclusive

In this instance, Erica is planning to buy a(n) product:

D) shopping

Explanation:

The answer is shopping products because these are goods that people don't buy constantly and because of that they tend to analyze the alternatives that exist to choose the right one considering things like cost, brands and features. In this case, Erica is buying a washing machine and plans to spend time and effort gathering information and making product comparisons which aligns with the definition of shopping products.

the internal rate of return is 12%

Explanation:

The computation of the internal rate of return is as follows;

Year        Cash flows            

0             -$178,848

1                $36,000

2               $36,000

3               $36,000

4               $36,000

5               $36,000

6               $36,000

7               $36,000

8               $36,000

Now apply the IRR formula

= IRR()

After applying it, the internal rate of return is 12%