Suppose a property is expected to produce net operating cash flows annually as follows, at the end of the next five years: $15,000, $16,000, $20,000, $22,000, and $17,000. In addition, at the end of the fifth year, we will assume the property will be sold for $200,000. What is the NPV if the investor pays $180,000 using an annual discount rate of 11%?

What is the IRR if the investor pays $170,000?

Use a financial calculator.