A company is considering an iron ore extraction project that requires an initial investment of $ 1 comma 400 comma 000

$1,400,000 and will yield annual cash flows of $ 613 comma 228

$613,228 for three

three years. Thecompany's discount rate is9%. 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