Determine the Internal Rate of Return (IRR) for the project with the following cash flows:

Cash Flows:

• Initial Outlay: $100,000
• Year 1: $20,000
• Year 2: $30,000
• Year 3: $40,000
• Year 4: $50,000

Requirements:

1. Set up the IRR equation using the given cash flows.
2. Use iterative methods or financial calculator to solve for IRR.
3. Compare IRR to the required rate of return of 10%.