Given the following unconventional cash flows, find:

Time, t	Cash flow, CFt, $m
0	-1
1	6.12
2	-14.9435
3	18.1973
4	-11.051265
5	2.677675

i. The number of IRRs (cite which theorem you use to arrive at your answer)

ii. Prove your answer in part i by plotting the NPV profile in the domain of 0% through 50%. To accentuate the peak and trough, you may have to adjust the domain accordingly in plotting the NPV profile.

iii. Use the Solver function within Excel to find the discount rate at which the NPV is maximized. Restrict your search between 10% and 25%.

Answer:

Question	Answer
No. of IRRs for the given cash flows series (an integer)
Discount rate for maximum NPV is at _____% (2 decimals)
List all the IRRs (from small to large, in %) (2 decimals)