9-3A. (IRR calculation) Detennine the internal rate of return to the nearest percent on the following projects:

a. An initial outlay of $10,000 resulting in a free cash flow of $2,000 at the end of year 1,

$5,000 at the end ofyear 2, and $8,000 at the end of year 3

b. An initial outlay of $10,000 resulting in a free cash flow of $8,000 at the end of year 1,

$5,000 at the end of year 2, and $2,000 at the end of year 3

c. An initial outlay of $10,000 resulting in a free cash flow of $2,000 at the end of years 1 through 5 and $5,000 at the end of year 6