Determine the IRR on the ginseng crop in Problem 3 of Exercise 16.2.
In Problem 3
The pro forma projections for growing a 20-hectare ginseng crop require the expenditure of $150,000 in the summer that the crop is planted, and an additional $50,000 in each of the next two summers to cultivate and fertilize the growing crop. After payment of the costs of harvesting the crop, the profit should be $200,000 in the third summer after planting and $300,000 in the fourth summer.