Chapter 11: The Basics of Capital Budgeting 1. Problem on IRR, payback, and missing cash flow James Steel Corporation is considering a project that has an upfront cost and a series of positive cash flows. The project's estimated cash flows are: Year Cash Flows 0 ? 1$500 million 2300 million 3400 million 4600 million The project has a regular payback period of 2.25 years. What is the project's IRR