An all-equity financed company generates free cash flows of $1,100,000 at the end of year 1, $1,210,000 at the end of year 2 and $1,331,000 at the end of year 3. The equity investor requires a rate of return of 10% per annum. The return on investment generated by the all equity financed company is 15% per annum. Required: a) What is the real value of the all-equity financed company? (2 marks) b) Determine the initial outlay of the investment made by the company? (2 marks) c) What is the NPV of the investment? (2 marks) d) Demonstrate that the IRR is 15% using trial rates of 10% and 20%. (4 marks)