Integrative: Multiple IRRs Froogle Enterprises is evaluating an investment project with an unusual stream of cash inflows and outflows shown in the following table:

a$.$ Why is it difficult to calculate the payback period for this project?

b$.$ Calculate the investment's net present value at each of the following discount rates: $0\%,5\%,10\%,15\%,20\%,25\%,30\%,35\%.$

c$.$ What does your answer to part $b$ tell you about this project's IRR?

d$.$ Should Froogle invest in this project if its cost of capital is $5\%?$ What if the cost of capital is $15\%?$

e$.$ In general, when faced with a project like this, how should a firm decide whether to invest in the project or reject it$?$

$($Click on the icon here in order to copy the contents of the data table below

into a spreadsheet.$)$