A company is considering an iron ore extraction project that requires an initial investment of $1, 300, 000 and will yield annual cash flows of $789, 314 for two years. The company's discount rate is 9%. Calculate IRR.

Present value of ordinary annuity of $1:

	10%		12%		14%		15%		16%		18%			20%
1	0.909		0.893		0.877		0.870		0.862		0.847			0.833
2	1.736		1.690		1.647		1.626		1.605		1.566			1.528
3	2.487		2.402		2.322		2.283		2.246		2.174			2.106
4	3.170		3.037		2.914		2.855		2.798		2.690			2.589

12%

16%

14%.

13%