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CF 0 CF 1 CF 2 CF 3 CF 4 20,000 7,730.85 7,730.85 7,730.85 7,730.85 Initial Outlay Cash Flow in Period CF 0 CF 1

CF₀	CF₁	CF₂	CF₃	CF₄
20,000	7,730.85	7,730.85	7,730.85	7,730.85

Initial Outlay	Cash Flow in Period
CF₀	CF₁	CF₂	CF₃	CF₄
20,000	7,730.85	7,730.85	7,730.85	7,730.85

The IRR is approximately:

16%.

18%

20%

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