I missed this question on a quiz and was wondering if there was a way to show step by step, how to find the solution. I need to know how to do this before my next exam. The internal rate of return method is used to analyze a $831,500 capital investment proposal with annual net cash flows of $250,000 for each of the six years of its useful life. (a) Determine a present value factor for an annuity of $1 which can be used in determining the internal rate of return. (b) Based on the factor determined in (a) and the portion of the present value of an annuity of $1 table presented below, determine the internal rate of return for the proposal. Year 10% 15% 20% 1 0.909 0.870 0.833 2 1.736 1.626 1.528 3 2.487 2.283 2.106 4 3.170 2.855 2.589 5 3.791 3.353 2.991 6 4.355 3.785 3.326 7 4.868 4.160 3.605