Internal rate of return Consider a project that is expected to generate NCFs of 75,000 in each of the 4 years of the project. In order to get the project up and running, the firm will have to have net capital spending of $205,000 and must increase NWC by $89,000. At the end of the project, the firm will be able to recover 60 % of the increase in NWC. What is the firm’s IRR?