(IRR calculation) Determine to the nearest percent the IRR on the following projects:

a. An initial outlay of $10,000 resulting in a free cash flow of $2,500 at the end of year 1, $6,000 at the end of year 2, and $ 10,000 at the end of year 3

b. An initial outlay of $10,000 resulting in a free cash flow of $10,000 at the end of year 1, $6,000 at the end of year 2, and $ 2,500 at the end of year 3

c. An initial outlay of $10,000 resulting in a free cash flow of $2,500 at the end of years 1 through 5 and $6,000 at the end of year 6