Michael purchases a company for $50,000 now. This company will lose $2,200 each year the first four years. At the end of the fourth year, Michael will invest additional $16,000 in the company which will result in a profit of $11,000 each year from the fifth year through the fourteenth year. At the end of 15 years, the company can be sold for $66,000. Compounding is annual. (1) Determine the IRR. (4 marks) (2) Calculate the future worth if MARR=12%. (3 marks) (3) Calculate the ERR when =10%