Assume Apple invested $2.12 billion to expand its manufacturing capacity. Assume that these assets have a 10-year life, and that Apple requires a 10% internal rate of return on these assets.

What is the amount of annual cash flows that Apple must earn from these projects to have a 10% internal rate of return? (Hint: Identify the 10-period, 10% factor from the present value of an annuity table, and then divide $2.12 billion by this factor to get the annual cash flows necessary.) Basically, I would take 2.12 billion * 0.9091 = 1,927.292,000 for year one, 2.12 billion * 0.8264 = 1,751,968,000 for year two and work down until I get to 10 years and then divide the total of the ten years by 2.12 billion, right?