(IRR

calculation)

Determine to the nearest percent the IRR on the following projects:

a. An initial outlay of $11,000 resulting in a free cash flow of $2,000 at the end of year 1, $6,500 at the end of year 2, and $10,000 at the end of year 3

b. An initial outlay of $11,000 resulting in a free cash flow of $10,000 at the end of year 1, $6,500 at the end of year 2, and $2,000 at the end of year 3

c. An initial outlay of $11,000 resulting in a free cash flow of $2,000 at the end of years 1 through 5 and $6,500 at the end of year 6.