1. Your company is considering introducing a new product which net returns are expected to be:

$10,000 at the end of years 1,2 and 3

$20,000 at the end of years 4,5,6 and 7

$30,000 at the end of years 8 and 9

The new product will require an immediate cash outlay of $100,000 for machinery and an additional outlay of $27,000 at the end of year 6. Find the rate of return (IRR), compounded annually, on the project. (16.3 IRR CPT)

***please provide the calculation using The TI BA 2 Plus calculator! not excel.