1. Flynn, Inc. is considering a four-year project that has an initial after-tax outlay or after-tax cost of $80,000. The future after-tax cash inflows from its project for years one, two, three, and four are $40,000, $40,000, $30,000, and $30,000, respectively. Flynn uses the internal rate of return method to evaluate projects. What is the approximate IRR for this project?
   1. The IRR is less than 12%.
   2. The IRR is between 12% and 20%.
   3. The IRR is about 24.55%.
   4. The IRR is about 28.89%.

show work please aside from excel:)