Given the following annual net cash flows, determine the IRR to the

Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520.
Year     Net Cash Flow
 1          $1,000
 2          $1,500
 3          $  500
a.48%
b.40%
c.32%
d.28%

 

Solution