Solve the following rate of return problems.

a$.$ An investment promises to double your money in five years. What is the promised IRR on the investment?

b$.$ In $2013,$ Picasso's painting Le R$$ve was sold to hedge$-$fund manager Steven A$.$ Cohen for $$155$ million. In $1941,72$ years earlier, the same painting sold for $$7,000.$ Calculate the rate of return on this investment. What does this suggest about the merits of fine art as an investment?

c$.$ The projected cash flows for an investment appear below. What is the investment's IRR?