Consider a cash flow (-3x, 5, x) at the start of 3 successive periods 0,1,2, where period 0 begins right now. Assume x > 0.

(i) Use the discount factor for each cash flow d_i = (1+r)^-i to calculate the present value. What is the range of x such that the resulting present value is strictly positive?

(ii) What is the range of x that guarantees that the IRR is strictly positive?