A firm is considering whether or not to purchase an asset to expand its operations. Below is a table of the cash flows associated with the asset over its useful life. The firm has a required rate of return of 16.50%. The asset has no salvage value.

Q. What is the internal rate of return (IRR)? No Excel, show formula

\begin{tabular}{|c|c|} \hline Year & Cash Flow \\ \hline 0 & $10,750 \\ \hline 1 & $3,450 \\ \hline 2 & $1,800 \\ \hline 3 & $1,600 \\ \hline 4 & $1,200 \\ \hline 5 & $5,275 \\ \hline \end{tabular}