IRR Internal Rate of Return IRR CF0 CF1/(1+k) CF2/(1+k) CF3/(1+k 13. 0 PV(inflows)E PV (investment cost) Year Zero Year One Year Two Year Three Year Four NPV Project One 302 302 Cash Flow -1000.26 302 302 Dis Cash Flow 0.00 IRR Year Zero Year One Year Two Year Three Year Four NPV Project Two Cash Flow -1386.04 400 400 400 400 0.00 Dis Cash Flow Year Zero Year One Year Two Year Three Year Four NPV Project Three 450 450 450 450 Cash Flow -1396.10 Dis Cash Flow 0.00