Tiptop Tables is considering an equipment investment that will cost $965,000. Projected net cash inflows over the

Question:

Tiptop Tables is considering an equipment investment that will cost $965,000. Projected net cash inflows over the equipment’s three-year life are as follows: Year 1: $494,000; Year 2: $382,000; and Year 3: $282,000. Tiptop wants to know the equipment’s IRR.
Requirement
Use trial and error to find the IRR within a 2% range.