6. From the following particulars given below calculate the IRR of the project.

(i) Net profit after tax (`): End of Year 1 = `13,750 End of Year 2 = `22,000 End of Year 3 = `27,500 End of Year 4 = `11,000

(ii) Initial outlay `55,000. There will be no scrap value at the end of the project life.
(iii) Present value of Re. 1 receivable at the end of year 1, 2,3 and 4 at different discounting rate are given below:
Rate 12% 13% 14% 15%
Year 1 0.892 0.885 0.877 0.867 Year 2 0.797 0.783 0.770 0.756 Year 3 0.712 0.693 0.675 0.658 Year 4 0.636 0.613 0.592 0.572