Determine the IRR on the following projects:

a. An initial outlay of $10,000 resulting in a free cash flow of $2,146 at the end of eachyear for the next 10 years. (2 points)

b. An initial outlay of $15,000 resulting in a free cash flow of $3,500 at the end of eachyear for the next 5 years. (2 points)

c. An initial outlay of $10,000 resulting in a free cash flow of $1,960 at the end of eachyear for the next 20 years. (2 points)