Internal rate of return: Compute the IRR for the following project cash flows:

a. An initial outlay of $3,125,000 followed by annual cash flows of $565,325 for the next eight years.

b. An initial investment of $33,750 followed by annual cash flows of $9,430 for the next five years.

c. An initial outlay of $10,000 followed by annual cash flows of

$2,500 for the next seven years.