Chandler Chairs is considering an equipment investment that will cost $955,000. Projected net cash inflows over the

Question:

Chandler Chairs is considering an equipment investment that will cost $955,000. Projected net cash inflows over the equipment's three-year life are as follows: Year 1: $494,000; Year 2: $390,000; and Year 3: $304,000. Chandler wants to know the equipment's IRR.
Requirement
Use trial and error to find the IRR within a 2% range. Use Chandler's hurdle rate of 10% to begin the trial-and-error process.