Solve the following rate of return problems.

a. An investment of $1,300 today returns $61,000 in 50 years. What is the internal rate of return on this investment?

b. An investment costs $900,000 today and promises a single payment of $11.5 million in 22 years. What is the promised rate of return, IRR, on this investment?

c. What return do you earn if you pay $22,470 for a stream of $5,000 payments lasting 10 years? What does it mean if you pay less than $22,470 for the stream? More than $22,470?