17a) The cash flows are: You pay $40,000 today (to invest in a bicycle fabrication enterprise). In return youll receive an annuity stream. The first payment of $6,000 will be received one year from today. The last payment will be received 12 years from today. The 12 payments are all equally sized (g = 0). Finally, 12 years from today youll sell the investment for $40,000 Given its riskiness, the expected return, E(r), on the investment is 7.3% when expressed as an EAR. Determine the annualized IRR of this investment. Is this a good or bad investment? If it is a good investment, then do not change the sign of your answer. If it is a bad investment, then please change the sign of your answer. If its neither good nor poor, then please answer: -999.999

b) Investment FvF has the following cash flows.

• You invest $2,397 today
• You receive $1,029, 5 years from today.
• You receive $2,019, 9 years from today.
• You sell the investment for $3,015, 16 years from today.

What is the maximum number of IRRs that could possibly exist?