The case of multiple internal rates of return. The International Industrial Company has an investment project with the following cash flows:

	Cash Flow	Type of Cash Flow
Now	-200	Purchase of equipment
End of Year 1	600	Cash earnings from project
End of Year 2	-400	Cash earnings from project less cleanup costs

1. What is the net present value of these cash flows at 0, 25, 50, and 100 percent discount rates?
2. What is the internal rate of return of this project?
3. Under what conditions should the project be accepted?