1. Mode publishing is considering a new printing facility that will involve a large initial outlay and then result in a series of positive cash flows for four years. The estimated cash flows associated with this project are:

Year: Project Cash Flow:

0 ?

1 810 Million

2 350 Million

3 280 Million

4 450 Million

If you know that the project has a regular payback of 2.9 years, what is the project's internal rate of return?

a. The IRR of the project is __________?