● From the particulars given below calculate the IRR of the project.

(i) Net cash flow after tax over the four years of the project life.

Year 1 2 3 4 CFAT (`) 5,000 8,000 10,000 4,000

(ii) Initial outlay is `20,000, Salvage value at the end of the project life is Nil

(iii) Present value of `1 receivable at the end of year 1,2,3 and 4 12% 0.892 0.797 0.712 0.636 13% 0.885 0.783 0.693 0.613 14% 0.877 0.770 0.675 0.592 15% 0.867 0.756 0.658 0.572 16% 0.862 0.743 0.641 0.552