INTERNAL RATE OF RETURN

Initial investment $140,000,000

Year 1 $16,700,000

Year 2 $20,100,000

Year 3 $18,250,000

Year 4 $15,850,000

Year 5 $20,000,000

Year 6 $15,750,000

Year 7 $27,250,000

Year 8 $32,250,000

Year 9 $12,500,000

Year 10 $10,950,000

(a) What is the internal rate of return, assuming annual compounding?

(b) What is the internal rate of return, based on a semi-annual bond equivalent yield?

show excel formula.