"The management at Luke Products Inc. is looking at the financials for an innovative new diaper-changing station. The expected life cycle for the product is four years. The initial projected product design costs are $500,000. Management typically uses a discount rate of 10 percent for all new product financials.

Year / Projected cash in-flows($)

1/ 130,000

2/ 250,000

3/ 300,000

4/ 100,000

Calculate the IRR