On March 28, 2018, Toyota Motor Credit Corporation (TMCC), a subsidiary of Toyota Motor, offered some securities for sale to the public. Under the terms of the deal, TMCC promised to repay the owner of one of these securities $100,000 on March 28, 2048, but investors would receive nothing until then. Investors paid TMCC $24,099 for each of these securities; so they gave up $24,099 on March 28, 2018, for the promise of a $100,000 payment 30 years later.

Why would TMCC be willing to accept such a small amount today ($24,099) in exchange for a promise to repay about four times that amount ($100,000) in the future

Teachers Soln in question:

I noticed that the IRR my professor found was 4.86%

However I am not finding a way to get that number

I thought IRR = ( Ending Value - Beginning Value)/ (Beginning Value)